VF Corp., the parent company of popular brands Vans and The North Face, experienced a significant increase in its stock value, making it the company’s best day in decades. The stock price soared by 15% to $16.22, achieving its highest percentage increase since December 7, 1973. This positive development also positioned VF Corp. as one of the top performers in the S&P 500 on Tuesday.
While the exact reason behind this surge is unclear, recent news pertaining to the company may offer some insights. Director Matthew Shattock indirectly purchased 20,000 shares on November 10, according to a securities filing. This purchase could have instilled confidence in investors, resulting in the uptick in stock value.
This recent success comes as a significant turnaround for VF Corp., which recently disappointed investors with underwhelming quarterly numbers. On October 30, the company fell short of second-quarter earnings estimates and withdrew its guidance for fiscal 2024. As a consequence, shares plummeted by 14% the following day.
Despite the positive momentum on Tuesday, VF Corp.’s shares remain down by 41% for the year. As the holiday season approaches, the company looks forward to leveraging this time to potentially regain lost ground.