Why Revlon Stock Is Soaring Today

Why Revlon Stock Is Soaring Today

Revlon Inc REV shares are trading higher Monday after a new filing showed Morgan Stanley MS significantly increased its stake in the cosmetics company.

According to a 13F filing with the U.S. Securities and Exchange Commision, Morgan Stanley purchased more than 400,000 shares of the struggling retailer during the last quarter, upping its position by nearly 1,800%. The asset manager is now holding 422,998 shares, according to the filing.

Revlon filed for Chapter 11 bankruptcy in June. The company obtained court approval for its bankruptcy at the beginning of August.

Revlon shares are up nearly 45% over the last month, surging alongside other popular names among retail traders including AMC Entertainment Holdings Inc AMC and GameStop Corp GME. Despite the recent move higher, Revlon stock is down approximately 29% year-to-date.

Revlon is principally engaged in the cosmetics industry. The company's product portfolio includes offerings in color cosmetics, skin care, hair color, hair care and fragrances.

See Also: What's Going On With Bed Bath & Beyond Stock?

REV Price Action: Revlon has a 52-week high of $11.86 and a 52-week low of $1.08.

The stock was up 31% at $8.59 at press time, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.

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