The Chefs' Warehouse stock gained 3.43 percent on October 2
The Chefs' Warehouse (CHEF) stock rose 3.43% on October 2, 2026, closing at USD 116.42 on Nasdaq. This increase followed a strong Q2 2026 revenue report of USD 1.17 billion, exceeding expectations, and adjusted EPS of USD 0.78. Analysts maintain elevated price targets, with an average 12-month target of USD 115.67, and the stock is trading near its 52-week high.
The Chefs Warehouse stock hits all-time high at 117.67 USD By Investing.com
The Chefs Warehouse (CHEF) stock reached an all-time high of $117.67, marking a 111.31% increase over the past year. Despite its strong performance and significant revenue growth, InvestingPro analysis suggests the stock is overvalued. The company recently reported impressive Q2 2026 results and received positive outlooks and increased price targets from analysts like Benchmark, UBS, and StoneX.
The Chefs Warehouse stock hits all-time high at 117.67 USD
The Chefs Warehouse (CHEF) stock reached an all-time high of $117.67, marking a 111.31% increase over the past year. Despite its strong performance and positive analyst sentiment, InvestingPro analysis suggests the stock is currently overvalued relative to its Fair Value. The company recently reported impressive Q2 2026 results with strong revenue growth and raised its full-year outlook.
The Chefs Warehouse stock hits all-time high at 117.67 USD
The Chefs Warehouse (CHEF) stock reached an all-time high of $117.67, representing a 111.31% increase over the past year. Despite its strong performance and significant revenue growth, InvestingPro analysis suggests the stock is currently overvalued. The company recently reported strong Q2 2026 results, surpassing analyst expectations, and received raised price targets from Benchmark, UBS, and StoneX.
Chefs' Warehouse (NASDAQ:CHEF) Share Price Breaks Above Two Hundred Day Moving Average - What's Next?
Chefs' Warehouse (NASDAQ:CHEF) shares have surpassed their 200-day moving average, reaching $111.90 and currently trading at $111.76, significantly above the $88.70 long-term average. Analysts maintain a bullish outlook with an average "Buy" rating and a consensus price target of $115.67, following recent target increases by TD Cowen and BTIG. Despite strong quarterly earnings that beat expectations, company insiders sold 137,752 shares valued at approximately $15.2 million during the last quarter.
Has The Chef's Warehouse (CHEF) Outpaced Other Consumer Staples Stocks This Year?
Chefs' Warehouse (CHEF) has significantly outperformed other Consumer Staples stocks and its industry year-to-date, gaining 77.1% compared to the sector's 6.5% average. The company holds a Zacks Rank #1 (Strong Buy) due to a 7.2% increase in its full-year earnings consensus estimate over the past three months. Kerry Group PLC (KRYAY) is another stock in the sector showing strong performance.
Tidal Investments LLC Takes Position in The Chefs' Warehouse, Inc. $CHEF
Tidal Investments LLC has acquired a new stake worth approximately $993,000 in The Chefs' Warehouse, Inc. (NASDAQ:CHEF) during the second quarter. Despite recent insider stock sales totaling $15.2 million, analysts maintain a broadly bullish outlook on CHEF, with several firms raising their price targets to between $125 and $131. The company also surpassed quarterly earnings expectations, reporting $0.78 EPS against a $0.59 consensus and revenue of $1.17 billion, a 12.9% increase year-over-year.
Can Chefs' Warehouse's Pricing Execution Keep Lifting Margins?
The Chefs’ Warehouse, Inc. (CHEF) has seen significant gross-margin improvement due to enhanced pricing and procurement strategies, along with increased scale. This progress was evident in Q2 2026, with gross profit jumping 15.2% and gross margin expanding by 49 basis points, despite continued product cost inflation. The company is also integrating AI-based technology into its pricing and sourcing functions to further improve decision-making and efficiency, with its stock surging 62.2% over the past year.
StoneX reiterates Buy rating on Chefs’ Warehouse stock at $125 By Investing.com
StoneX has reiterated a Buy rating and a $125.00 price target for The Chefs’ Warehouse, Inc. (NASDAQ: CHEF), noting significant benefits from the company's combined distribution and production facility in Florida and strong revenue growth. Despite the current stock price trading at $108.63, InvestingPro analysis suggests it may be overvalued relative to its Fair Value estimate. The company recently reported strong Q2 2026 results, surpassing Wall Street expectations, which led to analysts like UBS and Benchmark raising their price targets to $125.
StoneX reiterates Buy rating on Chefs’ Warehouse stock at $125
StoneX has reiterated a Buy rating and a $125 price target for The Chefs’ Warehouse, Inc. (NASDAQ: CHEF), despite its current trading price of $108.63 suggesting it might be overvalued. The company's recent investor visit to its Florida facility highlighted its strong growth strategy, aiming for 6-9% annual organic growth and a 7.5%-8% adjusted EBITDA margin by 2030, supported by 11% revenue growth over the last year. This positive outlook is further bolstered by strong Q2 2026 results that surpassed Wall Street expectations and upward revisions in earnings estimates by analysts.
Chefs’ Warehouse Drops 5.2% Amid Sector-Wide Selling
The Chefs' Warehouse, Inc. (CHEF) plunged 5.2% to $107.00, participating in a broad selloff affecting the food distribution sector. This decline mirrored similar drops experienced by major competitors, indicating sector-wide pressures rather than company-specific issues. Despite the significant single-day loss, analyst sentiment remains positive, suggesting confidence in the company's fundamentals.
VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.22 Million in The Chefs' Warehouse, Inc. $CHEF
Virginia Retirement Systems recently invested $1.22 million in The Chefs' Warehouse, Inc. (NASDAQ: CHEF), acquiring 12,700 shares in the second quarter. This move highlights significant institutional interest, with hedge funds and other institutional investors collectively owning 91.55% of the company's stock. The Chefs' Warehouse has also shown strong financial performance, exceeding quarterly expectations with $0.78 EPS and $1.17 billion in revenue, leading to a consensus "Buy" rating from analysts, despite recent insider share sales.
The Chefs' Warehouse, Inc. $CHEF Shares Sold by Hsbc Holdings PLC
Hsbc Holdings PLC reduced its stake in The Chefs' Warehouse, Inc. ($CHEF) by 52.6% in the second quarter, selling 15,913 shares and retaining 14,327 shares worth about $1.39 million. This move comes as institutional investors and hedge funds own 91.55% of the company, while company insiders have sold a significant amount of shares totaling $15.2 million over the past three months, including a large sale by CEO Christopher Pappas. Despite insider selling, analysts maintain a bullish outlook, with several firms raising their price targets for CHEF shares to $125 after the company reported strong quarterly earnings that beat consensus estimates.
Can Chefs' Warehouse's Strong Growth Momentum Continue Into 2027?
The Chefs' Warehouse, Inc. (CHEF) continues to demonstrate strong growth, with Q2 2026 net sales up 12.9% year-over-year, driven by increased customer penetration, higher volumes, and strategic investments. The company aims for 7%-10% annual revenue growth through 2030, primarily through organic expansion. Despite no specific 2027 guidance, its broader growth plan and investments in sales, distribution, and technology suggest continued positive momentum.
Is the Options Market Predicting a Spike in The Chef's Warehouse Stock?
The options market is showing high implied volatility for The Chef's Warehouse (CHEF), particularly for the October 16, 2026 $70.00 Call, suggesting investors anticipate a significant price movement. This comes as analysts have raised their earnings estimates for the company, which currently holds a Zacks Rank #1 (Strong Buy). Options traders might be looking to sell premium based on this high implied volatility.
Can Chefs' Warehouse's Strong Growth Momentum Continue Into 2027?
Chefs' Warehouse (CHEF) continues to show strong growth, with net sales increasing 12.9% year-over-year in Q2 2026 and organic sales up 12.2%. The company's momentum is supported by strategic investments in sales, distribution, and technology, and it projects annual revenue growth of 7%-10% through 2030, primarily driven by organic expansion. This outlook suggests that CHEF is well-positioned to sustain its growth beyond 2026, provided current execution remains consistent.
All You Need to Know About Chefs' Warehouse (CHEF) Rating Upgrade to Strong Buy
Chefs' Warehouse (CHEF) has received a Zacks Rank #1 (Strong Buy) rating due to an upward trend in its earnings estimates. This upgrade suggests a positive outlook for the company's underlying business and could lead to a favorable impact on its stock price. The Zacks rating system emphasizes the power of changing earnings pictures, which has a strong correlation with near-term stock price movements.
Can Chefs' Warehouse's Strong Growth Momentum Continue Into 2027?
The Chefs' Warehouse, Inc. is experiencing strong growth due to increased demand, customer penetration, and higher volumes, supported by strategic investments in sales, distribution, and technology. The company reported a 12.9% year-over-year net sales increase in Q2 2026 and aims for 7%-10% annual revenue growth through 2030, primarily driven by organic expansion. This outlook suggests continued business growth beyond 2026, making it a Zacks Rank #1 (Strong Buy) stock.
Empowered Funds LLC Buys New Position in The Chefs' Warehouse, Inc. $CHEF
Empowered Funds LLC recently acquired a new position in The Chefs' Warehouse, Inc. (NASDAQ:CHEF) during the second quarter, purchasing 8,816 shares valued at approximately $847,000. Institutional investors now hold 91.55% of the company's stock, and analysts maintain a bullish outlook with an average "Buy" rating and a consensus price target of $114.33. This positive sentiment follows the company exceeding quarterly earnings expectations with adjusted EPS of $0.78 and revenue of $1.17 billion, despite recent insider share sales totaling about $15.2 million.
The Chefs' Warehouse, Inc. $CHEF Shares Sold by B. Metzler seel. Sohn & Co. AG
B. Metzler seel. Sohn & Co. AG reduced its stake in The Chefs' Warehouse, Inc. (NASDAQ:CHEF) by 27.6% in the second quarter, selling 16,968 shares. Despite this, other institutional investors have increased their holdings. The company recently reported strong earnings, beating analyst estimates, and has received several "buy" ratings from brokerages with increased price targets.
12,108 Shares in The Chefs' Warehouse, Inc. $CHEF Acquired by Corient Private Wealth LP
Corient Private Wealth LP has acquired 12,108 shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF) valued at approximately $1,164,000 during the second quarter. Several other institutional investors also increased their stakes in CHEF, while company insiders made significant sales. Analysts currently rate CHEF as a "Buy" with an average price target of $114.33.
Jupiter Topco LLC Makes New $1.42 Million Investment in The Chefs' Warehouse, Inc. $CHEF
Jupiter Topco LLC has acquired a new stake in The Chefs' Warehouse, Inc. (NASDAQ:CHEF) worth approximately $1.42 million. This investment comes alongside other institutional investors increasing their positions in the company, which now has 91.55% institutional ownership. The article also details recent insider stock sales and positive analyst ratings, with Chefs' Warehouse currently holding a "Buy" consensus rating.
Legal & General Group Plc Makes New Investment in The Chefs' Warehouse, Inc. $CHEF
Legal & General Group Plc has made a new investment in The Chefs' Warehouse, Inc. (NASDAQ:CHEF), acquiring 84,564 shares valued at approximately $8.1 million. This investment comes as Chefs' Warehouse reported strong quarterly earnings, beating analyst estimates with EPS of $0.78 and a 12.9% year-over-year revenue increase to $1.17 billion. Despite some insider selling, analysts maintain a "Buy" rating with an average price target of $114.33 for the stock.
Chefs Warehouse stock hits all-time high at 117.47 USD
The Chefs Warehouse Inc. stock reached an all-time high of $117.47, reflecting an 81.06% increase over the past year and an 80% year-to-date return, driven by strong Q2 2026 financial results that surpassed Wall Street expectations. While analysts raised price targets and maintained "Buy" ratings, InvestingPro suggests the stock is currently overvalued despite its robust growth and market capitalization of $4.79 billion.
Hsbc Holdings PLC Buys Shares of 14,327 The Chefs' Warehouse, Inc. $CHEF
HSBC Holdings PLC recently acquired 14,327 shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF) during the second quarter, a stake valued at approximately $1.39 million. The Chefs' Warehouse has received positive analyst ratings, with a consensus "Buy" and an average target price of $114.33, following strong Q2 earnings that surpassed expectations. However, company insiders have sold approximately $15.2 million worth of shares in the past 90 days.
Chefs Warehouse stock hits all-time high at 117.47 USD By Investing.com
The Chefs Warehouse Inc. (CHEF) stock hit an all-time high of $117.47, reflecting an 81.06% increase over the past year. The company reported strong Q2 2026 results, exceeding analyst expectations with adjusted earnings of $0.78 per share and revenue of $1.17 billion, leading to raised price targets from analysts. Despite the strong performance, InvestingPro analysis suggests the stock might be overvalued.
The Chefs' Warehouse, Inc. $CHEF Shares Sold by Wellington Management Group LLP
Wellington Management Group LLP reduced its stake in The Chefs' Warehouse (CHEF) by 29% in the second quarter, selling over 978,000 shares while retaining 2.39 million shares valued at approximately $229.8 million. Despite this insider selling, institutional investors collectively own 91.55% of the company, and analysts maintain a "Buy" rating with an average price target of $114.33, with some firms raising targets to $125. The company recently surpassed quarterly earnings and revenue expectations, reporting $0.78 EPS against an estimated $0.59 and revenue of $1.17 billion, a 12.9% year-over-year increase.
Penn Capital Management Company LLC Cuts Stock Position in The Chefs' Warehouse, Inc. $CHEF
Penn Capital Management Company LLC significantly reduced its stake in The Chefs' Warehouse, Inc. (NASDAQ:CHEF) by 48.8% in the second quarter, selling 131,380 shares but still retaining 137,839 shares valued at $13.3 million. Despite this, other institutional investors have increased their holdings, and the company reported strong Q2 earnings with EPS of $0.78 and revenue of $1.17 billion, exceeding analyst expectations. Analyst sentiment remains positive, with a consensus "Buy" rating and a price target of $114.33, though company insiders have recently sold shares.
Avoiding Lag: Real-Time Signals in (CHEF) Movement
The article provides real-time signals and trading strategies for The Chefs' Warehouse Inc. (NASDAQ: CHEF), indicating strong near-term sentiment and compelling upside potential. It details institutional trading strategies, including position trading, momentum breakout, and risk hedging, along with a multi-timeframe signal analysis. The analysis suggests a breakout is underway, with no resistance levels above the current price.
291,465 Shares in The Chefs' Warehouse, Inc. $CHEF Bought by The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company has acquired 291,465 shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF) for approximately $28 million, representing a 0.71% stake in the company. This comes as institutional investors collectively own 91.55% of the stock, while insiders have recently sold a significant number of shares. Analysts maintain a positive outlook on CHEF with a consensus "Buy" rating and an average price target of $114.33, following the company's strong quarterly earnings beat.
Chefs' Warehouse (CHEF) Down 0.9% Since Last Earnings Report: Can It Rebound?
Chefs' Warehouse (CHEF) shares have dropped 0.9% since its last earnings report, underperforming the S&P 500. The company recently reported strong Q2 2026 results, beating earnings and sales estimates due to volume and margin gains, and has seen an upward trend in analyst estimate revisions. With a Zacks Rank #1 (Strong Buy), the outlook for CHEF appears promising despite the recent share price dip.
PDT Partners LLC Takes $3.27 Million Position in The Chefs' Warehouse, Inc. $CHEF
PDT Partners LLC has acquired a new position in The Chefs' Warehouse, Inc. (NASDAQ:CHEF) during the second quarter, purchasing 34,082 shares valued at approximately $3.27 million. This move is part of broader institutional investor interest, with hedge funds and institutional investors collectively owning 91.55% of the company. Despite positive analyst ratings and strong quarterly earnings, there have been significant insider sales from executives, including the CEO and General Counsel.
21,048 Shares in The Chefs' Warehouse, Inc. $CHEF Purchased by Expect Equity LLC
Expect Equity LLC has acquired 21,048 shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF) in the second quarter, valued at approximately $2.0 million. This purchase contributes to the 91.55% institutional ownership of the company. Despite recent insider sales totaling $15.2 million, including significant transactions by the CEO and General Counsel, the company reported strong Q2 results, beating EPS estimates, and analysts maintain a "Moderate Buy" rating with an average price target of $107.43.
Nicholas Investment Partners LP Buys Shares of 104,457 The Chefs' Warehouse, Inc. $CHEF
Nicholas Investment Partners LP has acquired a new stake of 104,457 shares in The Chefs' Warehouse, Inc. (NASDAQ:CHEF), valued at approximately $10.0 million. Institutional investors now collectively own 91.55% of the company, and analysts generally have a "Moderate Buy" rating with a target price of $107.43. Despite strong quarterly earnings that beat expectations, insiders have recently sold 137,752 shares totaling $15.2 million.
Looking for a Growth Stock? 3 Reasons Why Chefs' Warehouse (CHEF) is a Solid Choice
Chefs' Warehouse (CHEF) is identified as a strong growth stock due to its favorable Zacks Growth Style Score and top Zacks Rank. Key factors contributing to this assessment include projected EPS growth of 33.7% (outperforming the industry average of 4.2%), year-over-year cash flow growth of 26.5%, and positive earnings estimate revisions, with current-year estimates surging 10.2% over the past month.
Deutsche Bank AG Takes $6.50 Million Position in The Chefs' Warehouse, Inc. $CHEF
Deutsche Bank AG has acquired a new position of 67,659 shares, valued at $6.50 million, in The Chefs' Warehouse, Inc. during the second quarter. Institutional investors collectively own 91.55% of the company, while insiders have recently sold shares totaling approximately $15.2 million. Analysts maintain a "Moderate Buy" rating with an average price target of $107.43, following the company's strong Q2 earnings beat.
Quantbot Technologies LP Buys New Position in The Chefs' Warehouse, Inc. $CHEF
Quantbot Technologies LP has acquired a new position in The Chefs' Warehouse, Inc. (NASDAQ:CHEF) during the second quarter, purchasing 38,695 shares valued at approximately $3.7 million. This move is part of broader institutional investment, as hedge funds and other institutional investors own 91.55% of the company's stock. The Chefs' Warehouse has received a consensus "Moderate Buy" rating from analysts, with an average price target of $107.43, following strong quarterly earnings that surpassed expectations.
Polymer Capital Management HK LTD Makes New $1.29 Million Investment in The Chefs' Warehouse, Inc. $CHEF
Polymer Capital Management HK LTD has made a new investment of $1.29 million in The Chefs' Warehouse, Inc. by purchasing 13,400 shares. This comes as several institutional investors have adjusted their positions in the company, which reported strong quarterly earnings exceeding analyst estimates. Despite significant insider selling by the CEO and General Counsel, analysts maintain a "Moderate Buy" rating for CHEF, with some raising price targets.
William Blair Investment Management LLC Acquires New Shares in The Chefs' Warehouse, Inc. $CHEF
William Blair Investment Management LLC has acquired 194,636 new shares in The Chefs' Warehouse, Inc. (NASDAQ:CHEF) during the second quarter, valued at approximately $18.7 million, representing a 0.48% stake in the company. This comes as the company exceeded quarterly earnings and revenue estimates, reporting $0.78 EPS and $1.17 billion in revenue. Despite positive analyst sentiment and a "Moderate Buy" consensus rating, company insiders sold 137,752 shares worth about $15.2 million during the same period.
Chefs' Warehouse Executive Sells Shares Amid Strong Stock Performance
Chefs' Warehouse Chief Human Resources Officer, Christina Polychroni, sold 2,752 shares for $308,224 on August 14, 2026, amid strong stock performance but a high price-to-earnings ratio. The sale reduced her direct holdings to 22,014 shares and suggests a cautious executive outlook, despite the company's robust market momentum and significant profitability improvement. The stock's valuation risk, with a P/E ratio of 53x, raises concerns about potential overvaluation.
Great Lakes Advisors LLC Invests $1.71 Million in The Chefs' Warehouse, Inc. $CHEF
Great Lakes Advisors LLC has invested $1.71 million in The Chefs' Warehouse, Inc. by acquiring 17,762 shares. Other institutional investors also increased their stakes, with institutional ownership now at 91.55%. The company recently surpassed earnings and revenue expectations, and analysts maintain a "Moderate Buy" rating with an average target price of $107.43.
B. Metzler seel. Sohn & Co. AG Invests $4.29 Million in The Chefs' Warehouse, Inc. $CHEF
B. Metzler seel. Sohn & Co. AG has invested $4.29 million in The Chefs' Warehouse, Inc. by acquiring 44,597 shares during the second quarter. This move comes as institutional investors and hedge funds collectively own 91.55% of the company, which recently reported strong quarterly earnings, beating analyst estimates. Despite favorable analyst sentiment with a "Moderate Buy" rating, insiders have sold $15.2 million worth of stock in the past three months.
Is The Chef's Warehouse (CHEF) Stock Outpacing Its Consumer Staples Peers This Year?
The Chef's Warehouse (CHEF) stock is significantly outperforming its Consumer Staples peers and the sector as a whole this year, with a year-to-date return of 72.2% compared to the sector's 10.5%. CHEF holds a Zacks Rank #1 (Strong Buy), indicating a positive earnings outlook. Darling Ingredients (DAR), another stock in the same industry, is also showing strong performance.
Insider Cuts Holdings of Growth Stock Following 78% Rally
Christina Polychroni, Chief Human Resources Officer of The Chefs' Warehouse, Inc. (NASDAQ:CHEF), sold 2,752 shares of common stock for $308,224 on August 14, 2026, representing an 11% reduction in her direct equity. This transaction occurred after the stock achieved a 78% total return over the preceding year. While the company demonstrates strong fundamentals and market outperformance, its current P/E ratio of 53x suggests a stretched valuation.
NFJ Investment Group LLC Takes Position in The Chefs' Warehouse, Inc. $CHEF
NFJ Investment Group LLC has acquired 28,559 shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF), valued at approximately $2.75 million, marking a new position for the institutional investor. This move comes as Chefs' Warehouse reported strong quarterly earnings, beating analyst estimates with $0.78 per share and a 12.9% year-over-year revenue increase to $1.17 billion. Despite significant institutional ownership (91.55%) and positive analyst sentiment leading to "Moderate Buy" ratings and raised price targets, company insiders have sold 137,752 shares worth $15.2 million in the last three months.
Is Chefs' Warehouse (CHEF) Still Below Fair Value After Its Strong Share Price Run?
Chefs' Warehouse (CHEF) has seen strong share price performance recently, with a 14.42% gain over the last 30 days and a 74.52% year-to-date return. Despite this, a common fair value narrative suggests the stock is still 6.6% undervalued at $116.56, attributing this to operational improvements and future earnings potential. However, the stock's high P/E ratio of 47.6x, compared to industry averages, indicates significant valuation risk.
The Chefs' Warehouse President and CEO Trades $11.01M In Company Stock
Christopher Pappas, President and CEO of The Chefs' Warehouse (NASDAQ: CHEF), sold 100,000 shares of company stock for a total of $11,011,085 on August 18, according to an SEC filing. The company's financial overview highlights strong revenue growth and gross margin, but its EPS lags behind industry averages, and valuation metrics suggest the stock is priced at a premium. Insider transactions offer insights into a company's health but should be considered alongside other financial criteria.
The Chefs' Warehouse General Counsel Sold $3.88M In Company Stock
The Chefs' Warehouse General Counsel, Alexandros Aldous, sold 35,000 shares of company stock for a total of $3,883,889. The company, a specialty food distributor, reported strong revenue growth but a decline in EPS. Insider transactions, while informative, should be considered alongside other financial factors for investment decisions.
Summit Creek Advisors LLC Invests $7.78 Million in The Chefs' Warehouse, Inc. $CHEF
Summit Creek Advisors LLC has invested $7.78 million in The Chefs' Warehouse, Inc. (NASDAQ:CHEF), purchasing 80,970 shares which now comprise 2.6% of its portfolio. While institutional ownership is high at 91.55%, there are concerns due to recent insider selling by the CEO and General Counsel and the stock's elevated P/E ratio of 51.6, despite strong quarterly earnings and positive analyst ratings.
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Given Consensus Recommendation of "Moderate Buy" by Analysts
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) has received a "Moderate Buy" consensus rating from analysts, with an average 12-month price target of $107.43. The company recently surpassed quarterly expectations, reporting strong EPS and revenue growth. Insider sales of company stock have occurred, while institutional investors maintain a significant ownership stake.
