Marcato Plants a Flag for Sotheby’s Stock Above $70

To reach $70 or more per share, Sotheby's stock would have to rise above the level of its historical chart. — To reach $70 or more per share, Sotheby’s stock would have to rise above the level of its historical chart.

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.

Mick McGuire says Sotheby’s will go ‘much higher’ (CNBC.com)