Revlon Inc. (NYSE: REV) surged more than 30% to $8.57 in trading on August 15. A significant player invested in the firm, which was riding a wave of social media popularity and on the edge of bankruptcy. And this might be an excellent illustration of the development of a stock meme.
REV stocks surged after Morgan Stanley said that it purchased roughly 400,000 REV shares in the second quarter of 2022. As a reminder, Revlon declared bankruptcy around two months ago, although it’s difficult to tell from the quotes: +71% QoQ.
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Individual investors who watch the quotations of meme stocks are betting on purchases to keep the quotes from collapsing. The plan is to maintain stock prices high so that private equity groups may profit when the insolvent company is purchased out. A similar “trick” was performed with the Hertz automobile rental business two years ago.
The position on the exchanges has changed, but the notion appears to have a substantial number of backers. Morgan Stanley may also wish to participate in this initiative. The stock meme phenomenon is still in its early stages, and the involvement of major players is only a matter of time.
Revlon Inc. (REV) has the benefit of owning a well-known consumer brand, as well as other brands recognized by the target demographic. Because creating such brands is a time-consuming and costly process, private investors are eager to acquire existing companies and strive to bring them back to profitability.
Revlon Inc. (REV) is now experiencing a revenue decline (-1% in the second quarter). Although free cash flow has deteriorated, adjusted operating income remains positive, indicating that Revlon’s company is not in unsustainable decline.
REV is down -24.53% over the last year and up 6.26% over the last week in terms of performance. The stock price index is up 54.64% in one month and 75.05% in three months. In the last six months, it has returned -13.37%.