Manchester United have suffered a major blow in the stock market as one of their investors sells thousands of their stocks.
The Bank of New York Mellon Corp sold off 5% of its stock in Manchester United Ltd, according to Defence World.
It’s understood that the institutional investor owned 200,801 shares of the Premier League club after selling off 10,516 shares in the first quarter of the year, taking their full ownership to 0.12%, valued at around £2 million ($2,628,000).
Thankfully however, this isn’t all bad, as several other institutions have increased their stock in Manchester United, with Tower Research Capital LLC TRC, Vident Advisory LLC, PDT Partners LLC, National Bank of Canada FI, and Quantbot Technologies LP all adding more stakes in Manchester United to their portfolios.
Tower Research have added 758 shares to their stock, taking their total to 2,131, valued at $37,000. Vident Advisory bought an additional 2,884 shares taking their stock to 13,535, valued at $235,000.
PDT Partners now have 23,446 having increased their holdings by 6,494 to a value of $407,000. The National Bank of Canada have bought a major 6,592 shares to take their holdings to 9,686, and increase of 213.1% to value at $168,000.
Finally Quantbot Technologies’ stake in United is now valued at $156,000, with the total ownership of United that is held by institutional investors standing at 23.34%.
Overall, United’s stock has come down by 2.8% according to the report, with its fifty-day moving average at $16.62, and its two-hundred day moving average price of $15.24.
Over the last year, the stock’s low sat at $12.05 whilst the highest it reached was $19.65.
