Regis Corporation stock slides nearly 30% after insider sale

Sep. 19, 2022 12:28 PM ETRegis Corporation (RGS)By: Kevin P. Curran, SA News Editor1 Comment

Close up of unrecognizable hairdresser cutting a female customer’s hair

Hispanolistic/E+ via Getty Images

Regis Corporation (NYSE:RGS) reeled on Monday, sliding below the $1 mark for the first time since early August.

The typically volatile stock slid nearly 30% on Monday, erasing a bulk of the gains the stock had achieved since amending credit agreements in August. The terms of these new agreements were called “very attractive” by Seeking Alpha contributor Courage & Conviction Investing, who likened Bank of America to a “white knight” offering a lifeline to the company.

The immediate catalyst for the outsized slide of the salon operator’s stock is unclear. The selloff comes shortly after a Form 4 filing from Jamie Suarez, Senior Vice President of Merchandising and Education at the company. Per the filing, Suarez disposed of 424 shares at an average price of $1.19. The modest sale still leaves his overall holdings at 83,413 shares.

Short interest in the stock stands at 9.96%, per Seeking Alpha data.

Dig into the stock’s trading history and track record of double-digit-percentage jumps in numerous trading days in recent months.

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