Why Barnes & Noble Stock Is Down This Morning

NEW YORK (TheStreet) -- Shares of Barnes & Noble, Inc.  (BKS) are down -5.91% to $17.50 after it was announced today that company chairman Leonard Riggio sold a portion of his holdings of Barnes & Noble stock.

Mr. Riggio said he sold 3.7 million shares of Common Stock, after which his holdings are expected to represent approximately 20% of Barnes & Noble's Common Stock outstanding.

"After this sale I remain the cmpany's largest shareholder, a position I feel very good about," said Riggio.

He added that his sale is part of his long-term financial and estate planning, and that he has no plans to sell more stock this calendar year.

Must Read: Warren Buffett's 10 Favorite Growth Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

BKS Chart

BKS data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Apple and GE Switch Roles; Musk's Super Control of Tesla Explained -- ICYMI

Apple and GE Switch Roles; Musk's Super Control of Tesla Explained -- ICYMI

Trump May Be More to Blame For Higher Oil Prices Than OPEC

Trump May Be More to Blame For Higher Oil Prices Than OPEC

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric

Week Ahead: Major Earnings on Tap as Wall Street Readies for Geopolitical Moves

Week Ahead: Major Earnings on Tap as Wall Street Readies for Geopolitical Moves

3 Hot Reads From TheStreet's Top Premium Columnists

3 Hot Reads From TheStreet's Top Premium Columnists