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Dr Martens shares plunged yesterday as investors dumped a large amount of cheap stock.
In the latest blow to the Northampton-based bootmaker, Goldman Sachs sold around 70 million shares on behalf of a group of investors.
The shares sold at 57.85 pence per share, a discount of around 10 per cent to the company’s last closing price.
That sent the shares down 19.4 per cent, or 12.45p, to 51.65p. The company is valued at around £500m. Dr Martens went public to great fanfare in January 2021 at a valuation of £3.7bn. But it has since struggled with spiralling production and materials costs.
This has prompted a series of profit warnings from the group, made worse by a weak performance in the US.
Danni Hewson, an analyst at AJ Bell, said the latest sell-off had “further shaken confidence”. And Susannah Streeter, of Hargreaves Lansdown, said the company had “failed to address its recent problems”.
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