Shares in British footwear group Dr Martens PLC (LSE:DOCS) have hit their lowest point since debuting on the London Stock Exchange in February 2021.
It comes amid reports that institutional investors are offloading the stock en masse, contributing to the steady decline in value since the iconic British company’s ill-fated float.
According to MarketWatch, a consortium of investors sold 70 million shares in the company- the real kicker being the 10% discount to yesterday’s closing price.
The capitulation underscores the lack of confidence investors have in recouping their losses in a stock that is now down 89%.
Dr Martens’ sales fell by more than 12% in its last financial year, reflecting what chief executive Kenny Wilson conceded was “continued weak USA consumer demand”.
Shares fell another 19% to 51.4p today.