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Cano Health (NYSE:CANO) stock is falling hard on Thursday following news that billionaire investor Dan Loeb has given up on the company.
Loeb, head of the activist investor firm Third Point, has reportedly sold his entire stake in the company. This comes alongside liquidity concerns and talk that Cano Health could be looking at a bankruptcy filing in the near future.
Loeb has been decreasing his exposure to CANO stock over the past few months. Prior to this latest reported sale, Third Point held a 3.5.% stake in the company in October. That was down from the 6.4% stake it held back in March.
CANO Stock Looks Like a Poor Investment
That’s the general consensus among experts, at least. Not only has Loeb given up on Cano Health, analysts have also been downgrading the shares these last few months. Others have warned that upcoming debts could also be a problem for the healthcare company.
All of this news together has CANO stock seeing heavy trading today as investors flee the company. As of this writing, more than 17 million shares of the stock have been traded. For the record, the company’s daily average trading volume is closer to 12 million shares.
CANO stock is down 20.2% as of Thursday morning and is down a massive 85.3% since the start of the year.
Investors seeking out more of the latest stock market news today are in the right place!
InvestorPlace has all of the most recent stock news traders need to know about on Thursday! That includes what has shares of Mullen Automotive (NASDAQ:MULN), Carvana (NYSE:CVNA), and Transocean (NYSE:RIG) stock on the move today. You can catch up on all of that news at the links below!
More Thursday Stock Market News
- Mullen (MULN) Stock Treks Higher on Vice President Hire
- CVNA Stock Price Prediction: Is Carvana Really Worth Just $1?
- Transocean (RIG) Stock Jumps on New Contract Awards
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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