Under Armor Stock fell. Director David Gibbs picked up shares.

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Under Armor stock plunged in early May after the company announced a first-quarter loss.

Brandon Bell/Getty Images/Getty Images

under protection

shares fell in 2022, but director David W. Gibbs bought stock in the clothing and footwear maker on the open market.

Class C non-voting shares of Under Armor (ticker: UA) have lost more than 4% of their market value since the start of the year, while


S&P500

the index slipped 18%. Shares plunged in early May after the company announced a loss for the quarter ended March 31; analysts expected a profit. Guidance also disappointed.

Shares continued to languish until CEO Patrik Frisk announced after market close on May 18 that he was stepping down. On May 20, shares traded at $8.09, their lowest intraday price in nearly two years. Under Armour’s Class A shares, which trade under the symbol UAA, also slid to an intraday low of nearly two years in late May.

On May 27 and 31, Gibbs paid a total of $475,000 for 50,000 non-voting shares, at an average price of $9.50 each, according to a filing with the Securities and Exchange Commission. He made the purchases through a trust he controls. Gibbs also holds 34,093 non-voting shares in a personal account. He is the general manager of

Yum! Brands (MIAM)
,

parent company of KFC and Pizza Hut, and joined the Under Armor board in September 2021.

Yum! Marks did not make Gibbs available for comment.

On May 19, Morgan Stanley analyst Kimberly Greenberger downgraded voting stock from Under Armor to Equal Weight from Overweight and reduced its target price to $11 from $14.

Inside Scoop is a regular Barron column that covers the stock trading of corporate executives and board members – the so-called insiders – as well as major shareholders, politicians and other high profile figures. Because of their insider status, these investors are required to disclose stock trades to the Securities and Exchange Commission or other regulatory groups.

Write to Ed Lin at [email protected] and follow @BarronsEdLin.

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