Dr Martens on the again foot as shares tumble
Dr Martens shares tanked yesterday as investors ditched a chunk of shares on the cheap.
In the latest blow to the Northampton-based bootmaker, Goldman Sachs sold around 70m shares on behalf of a group of investors.
The stock was sold at 57.85p per share – a discount of around 10 per cent to the firm’s last closing price.
That sent the stock down 19.4 per cent, or 12.45p, to 51.65p. The company is valued at around £500m. Dr Martens floated to much fanfare in January 2021 with a £3.7billion valuation. But it has struggled ever since with production and material costs spiralling.
That has sparked a series of profit warnings from the group – made worse from a weak performance in the US.
Danni Hewson, analyst at AJ Bell, said the latest sell-off has ‘shaken confidence even further’. And Susannah Streeter, of Hargreaves Lansdown, said the firm ‘has failed to boot away its recent troubles’.
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