Kier share price: what’s next as stock continues to tumble?
The construction and property group saw its share price fall more than 14% last week, with things going from bad to worse on Monday as its stock tumbled a further 11%, with investors left wondering when it will find a floor.
Kier Group saw it share price slide more than 14% last week, with the tumble precipitated asset managers Neil Woodford and St James Place slashing their holdings in the company.
The construction and property group’s fortunes didn’t improve this week, however, with it down a further 11% on Monday, sitting at 74p a share as of 15:20 GMT.
Kier share price falls on summer restructuring plans
Kier share price has come under a lot of pressure this year, with the stock losing a little over 50% of its value at the start of June following a write-down.
The company then saw its share price slide a further 40% two weeks later after its CEO Andrew Davies unveiled a major restructuring plan that will see 1,200 jobs slashed over the next 12 months as well as several business units.
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Kier becomes most shorted UK stock
Due to its poor performance Kier has become the most shorted stock on the London Stock Exchange, with six funds collectively holding a 10.74% short position against the company, according to shorttracker.
Of the six funds, Marshall Wace holds the largest short position against the construction and property group at 2.82%.
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