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A worker carries a broom in front of closed shops in downtown Tangier Outlets in Atlantic City on Thursday as NJ’s Tangier shares grew.
Angus Mordant / Bloomberg
Tangier Factory Outlets Centers
took a wild walk on Thursday, the last hot potato broth caught in a small push.
According to FactSet, the mall operator has a very short interest, currently more than 33% of its shares. This makes it one of the shortest actions together
GameStop
(30.2%),
Rocket Cos.
(39.7%) i
GoodRx Holdings
(27.6%), according to MarketWatch data.
Shares of Tangier (ticker: SKT) jumped 22% on Thursday morning to a high of 52 weeks before settling. By mid-afternoon they had completely lost steam and had dropped 5.4%. Shares have increased 38% over the last year, compared to a 20% year-over-year increase
S&P 500.
Shopping malls have been one of the stocks hit hardest during the pandemic, forced to temporarily close locations and restrict the number of shoppers, while also juggling tenants on budgets facing the same challenges.
Tangier has been the topic of a Reddit forum called WallStreetBets. A message on Wednesday said “SKT is about to reach its highest point since May 2019 and is the second shortest value after GME. You know what you have to do!”
“Let’s make this explode,” the message says. “Help highlight this stock and make it the new GME.”
The Tangier spokesman was not immediately available on Thursday.
WSB on Reddit is the forum where stock trading enthusiasts share ideas. It is also a major focus of previous phase researchers
GameStop
(GME),
AMC Entertainment Holdings
(AMC), and other stocks a few weeks ago, in a business frenzy that was described as retail investors chasing professional short sellers.
The average rating of the six analysts who publish research on Tangier is light, the equivalent of a sale. Full-year revenue for 2020 fell 10% to $ 370 million, according to FactSet.
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