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.