2023-07-26 11:06:28 ET
Hanesbrands ( NYSE: HBI ) rallied on Wednesday amid some chatter that an activist could make a move on the company.
A new report from Activist Insight being circulated by traders highlights that Hanesbrands ( HBI ) could be a top target for an activist play. The speculation hinges on the premise that an activist could push the consumer products seller to make operational improvements and change the marketing strategy with the Champions brand. An activist could also push HBI on its timeline to reinstate a quarterly dividend.
Shares of Hanesbrands ( HBI ) showed a 6.52% gain on Wednesday at 11:02 a.m. Volume was above normal activity for the first part of the trading day. The stock is still down more than 22% on a year-to-date basis and off more than 45% over the last 52 weeks. The stock recently jumped back over its 100-day moving average. Short interest on HBI stands at 17.55% of total float. The Seeking Alpha Quant Rating is flashing Strong Sell due to low factor grades for growth and momentum.
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Hanesbrands gains amid trader chatter about the potential for an activist play