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Buying Citigroup?
NEW YORK (TheStreet) --
Citigroup(C) slumped on heavy volume in extended trading on Monday after the U.S. Treasury Department said it's begun selling the final 2.4 billion shares of its bailout-related stake in the company.
The Treasury received 7.7 billion common shares in exchange for a $25 billion preferred stock investment made in the fall of 2008. So far, the Treasury has sold 5.3 billion shares in "at-the-market" sales.
The stock was last quoted at $4.35, down 2.3%, on volume of 140.1 million, according to Nasdaq.com. Based on a regular session close at $4.45, the shares were up 34.4% so far in 2010.
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Analysts are saying that Citigroup will jump to $6-7 per share immediately after the government sells its remaining shares. Is this a great opportunity and will Citigroup finally breakout. Do you have plans to jump on board?
Citigroup(C) slumped on heavy volume in extended trading on Monday after the U.S. Treasury Department said it's begun selling the final 2.4 billion shares of its bailout-related stake in the company.
The Treasury received 7.7 billion common shares in exchange for a $25 billion preferred stock investment made in the fall of 2008. So far, the Treasury has sold 5.3 billion shares in "at-the-market" sales.
The stock was last quoted at $4.35, down 2.3%, on volume of 140.1 million, according to Nasdaq.com. Based on a regular session close at $4.45, the shares were up 34.4% so far in 2010.
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Analysts are saying that Citigroup will jump to $6-7 per share immediately after the government sells its remaining shares. Is this a great opportunity and will Citigroup finally breakout. Do you have plans to jump on board?
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