Marcus Lemonis, of the CNBC show “The Profit,” says RV company Camping World is “the most important thing” in his life.
Michael Nagle/Bloomberg
Camping World Holdings stock has tumbled in 2022, and CEO Marcus Lemonis bought more than $1 million worth of shares in the seller of recreational vehicles and camping gear on the open market. Lemonis is also the lead of CNBC’s show The Profit, in which he helps fix struggling small businesses.
Camping World stock (ticker: CWH) has lost 43% of its value this year, compared with a 22% drop in the S&P 500 index. Shares soared during the pandemic, as outdoor adventures gained appeal in a world of shuttered businesses and lockdowns.
Camping World stock rocketed 77% in 2020 and soared another 55% in 2021. Now that other forms of travel and leisure, from airlines to cruises, have revived, the RV doesn’t stand out as it once did. The company’s first quarter, reported in early May, was strong, but shares slipped.
Lemonis paid $1.01 million on June 10 for 38,350 Camping World shares, an average price of $26.36 each, according to a form he filed with the Securities and Exchange Commission. He already controls 53% of the voting power of Camping World, partially through supervoting stock, according to the latest company proxy from May.
“This is the most important thing in my life, and owning more of the company is my top priority,” he wrote in an email to Barron’s.
After the first-quarter report, J.P. Morgan analyst Ryan Brinkman reiterated an Overweight rating on Camping World stock, but lowered his estimates and cut the price target to $50 from $58.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
