Why Coty Stock Was Sliding Today
Shares of Coty (NYSE: COTY) were slipping today after the cosmetics company announced a secondary stock offering last night, and priced it this morning below the stock's closing price yesterday.
The offering came from shares owned by KKR, the private equity firm that helped Coty restructure during the pandemic, so it won't dilute shareholders, but it does seem to signal that KKR believes the upside potential to the stock has waned.
As of 1:07 p.m. EDT, the stock was down 10.3%.
Source Fool.com