UAA - Why Under Armour Stock Tumbled This Week
Week to date, shares of Under Armour (NYSE: UA) (NYSE: UAA) were down 13.6% through Thursday's close, according to data provided by S&P Global Market Intelligence . The slide in the stock follows a better-than-expected earnings report, in which the company beat earnings and revenue estimates in the holiday quarter.
However, investors were spooked by a sharp increase in inventory that could weigh on gross margin in the coming quarters. There was probably also some profit-taking by market traders after the stock's sharp appreciation in the second half of 2022.
Under Armour shares are up 15% over the last six months, outperforming the S&P 500 index.
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Why Under Armour Stock Tumbled This Week