In response to selling a significant portion of his stake in Sotheby’s stock for a price around par for what he paid more than three years ago, Marcato’s Mick McGuire told CNBC that he expects the stock to reach levels above $70.
McGuire sold 2m of his shares back to Sotheby’s at a price around $36. Multiplying $36 by any integer above 1 would put BID at price the stock has never reached.
“We love Sotheby’s, we love the stock, I think it’s quite cheap here,” he said. […] “We expect to see the share price to move multiples of where it is today,” he said.