Michael Burry buys back into Lululemon after October exit
Michael Burry bought Lululemon shares on Wednesday after dropping them in October. The stock fell as much as 4% that day.
Michael Burry disclosed that he purchased shares of Lululemon on Wednesday after previously exiting his position in the athletic apparel company in October, according to Investing.com. The investor said in a Substack post that he views the stock as a good bet with limited downside at its current price level.
He wrote that he has confidence in the power of the company's research and product development. He added that the company has been overlooked because new management has not addressed a gap in marketing and messaging efforts. Burry stated that the stock dropped as much as 4% on Wednesday, which he called good enough for him.
Lululemon shares reduced their losses shortly after his post appeared. The investor also revealed he purchased additional shares of Adobe, PayPal, JD.com, MercadoLibre, and Sprouts Farmers Market.
Figures as reported by Yahoo Finance.
