Benzinga Pro Users Alerted Of $200 Million Ulta Block Trade

Ulta Salon, Cosmetics & Fragrance, Inc. ULTA is weak off the open on Thursday, down 1.8 percent. Prior to the market open, Benzinga Pro subscribers were alerted to a massive 900,000 share block trade at $232.75/share via Goldman Sachs.

After closing yesterday’s session at $237.27, Ulta dipped as low as $230.10 in the opening minutes of trading on Thursday.

Block trades are large single trade orders, typically executed by institutional investors. Single trades of at least 10,000 shares (excluding penny stocks) are typically considered block trades.

Related Link: What Do Corporate Credit Ratings Mean For Investors?

Why should traders care about block trades? Block trades typically imply that “smart money” is buying or selling a stock. In Ulta’s case, a person or firm was selling more than $200 million worth of Ulta stock.

This morning’s block trade was also accompanied by market rumors of an Ulta secondary offering. The stock seems to have stabilized a bit off the opening, but traders should continue watching the stock closely for any additional unusual behavior.

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