Big Yellow Shares Post Their Largest Daily Rise in 126 Sessions
Big Yellow Group shares jumped in early trading today, their biggest one-day rise in 126 sessions, after news emerged following yesterday's session that activist investor Ancora has reportedly built a stake of over 4% and is urging a sale.
Big Yellow Group (LON: BYG), the self-storage property company, rose 5.44% to 842.5p by 8:30am in London today. The shares have traded between 815p and 849.5p so far, in the largest daily rise in 126 sessions.
Even after the jump, the shares sit 25% below their 52-week high and 6.5% above their 52-week low. They remain down 15.4% since the start of the year.
Big Yellow shares over the past month, drawn to the previous close plus today’s session so far, with the move at the right-hand edge
How unusual this is
Today’s gain is the largest daily rise across the past 126 sessions. The shares had drifted lower through the year, and are still well short of where they stood at their 52-week high.
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Daily changes over the past 126 sessions; today’s move so far in colour
In the news
Bloomberg reported on Tuesday evening that Ancora Holdings Group has amassed a stake of more than 4% and is preparing to push the board to explore a strategic sale.
In a release, Ancora said a discount to net asset value of nearly 40% is unwarranted given the London-concentrated portfolio, pricing power and customer mix. It cited extended share price declines and the board’s “evident failure to capitalize on acquirer interest”.
Big Yellow’s next results are due on the 16th of November.
The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
