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A worker carries a broom past closed shops in the Tanger Outlets Center in Atlantic City, NJ Shares of Tanger rose Thursday.
Angus Mordant / Bloomberg
Tanger Factory Outlet Centers
took a wild ride on Thursday, the latest hot potato stock caught in a short press.
According to FactSet, the mall operator has a large amount of short-term interest, currently more than 33% of its shares. This makes it one of the heaviest stocks together
GameStop
(30.2%),
Rocket Cos.
(39.7%), and
GoodRx Holdings
(27.6%), according to MarketWatch data.
Shares of Tangier (ticker: SKT) rose 22% on Thursday morning to reach a 52-week high before settling. By noon, they had completely lost steam and dropped 5.4%. The share has risen by 38% in the past year, compared to a one-time profit of 20% during the year
S&P 500.
Shopping malls were one of the weakest stocks during the pandemic, and were forced to temporarily close locations and limit the number of purchases, while also facing the budget-bound tenants with the same challenges.
Tanger was a topic on a Reddit forum called WallStreetBets. One report from Wednesday said: ‘SKT is on track to reach its highest point since May 2019 and this is the second shortest share after GME. You know what to do! “
“Let’s explode it,” the report said. “Help bring this stock to the forefront and make it the new GME.”
A spokesman for Tangier was not immediately available Thursday.
WSB on Reddit is the forum where stock lovers trade ideas. This is also a major focus of those investigating the run-up
GameStop
(GME),
AMC Entertainment Holdings
(AMC), and other stocks a few weeks ago in a trading frenzy described as retail investors going to professional short sellers.
The average rating of the six analysts who publish research on Tangier is underweight, the equivalent of a sale. According to FactSet, revenue for the full year 2020 fell by 10% to $ 370 million.
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