Revlon ( NYSE: REV ) shares roared nearly 30% higher at intraday highs on Monday after Morgan Stanley ( MS ) disclosed a sizable stake in its latest 13-F filing.
The New York-based financial giant disclosed its purchase of over 400K shares of the bankrupt cosmetics retailer-cum-meme stock during the second quarter. The significant stake increased its position by almost 1,800% despite the company’s Chapter 11 filing at the start of the quarter .
The stock trended back towards post-bankruptcy highs on Monday, more than recouping losses from a decline in the week prior. Shares have risen about 600% since the low marked just before bankruptcy, aided by a myriad of factors including a short squeeze and debt refinancing , drawing the attention of meme stock traders that previously pounced on insolvent auto rental company Hertz.
Read more on a key hearing scheduled for a shareholders' petition for the formation of an official equity committee, scheduled for August 24 .
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Revlon rips over 25% higher as Morgan Stanley discloses stake