Under Armour Inc. Chief Executive Officer Kevin Plank plans to sell as many as 2.1 million shares in the sportswear company he founded, a stake valued at more than $72 million as of Friday.
I recently discussed the stocks of Nike and Footlocker being tied together. I also made a statement that if you are a sneaker lover and you are looking at investing, that Under Armour might be a stock to hold off on… and now this. When you click through and read the article, it should be clear what I’ve been trying to say. As much as Under Armour is getting it right, they are also making some serious mistakes and they might want to consider getting a panel of knowledgeable sneaker guys, and grassroots sports guys in a room and talk with these guys about how the right the ship. I’m not saying they are in trouble, but a CEO selling off stock is never a good thing.