Under Armour Inc. jumped as much as 7.2% in late trading on Monday after Fairfax Financial Holdings disclosed a sizeable stake in the sportswear company.
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Fairfax now holds almost 42 million Under Armour shares, or 22% of the total, as of Dec. 30, according to a filing. That’s nearly 36 million shares higher than Fairfax’s previously disclosed stake.
Under Armour is looking to rebound from a challenging year that included a split from NBA star Stephen Curry, who was the company’s most high-profile endorser. Baltimore-based Under Armour stock slumped 40% last year amid a steady decline in revenue.
Under Armour didn’t immediately reply to a request for comment. Fairfax representatives couldn’t immediately be reached.
