Selina Receives Nasdaq Delisting Warning
Skift Take
Selina Hospitality received a delisting notice from Nasdaq due to its low stock price, but plans to implement a reverse stock split to regain compliance.
The DJIA rebounded 254 points, Nasdaq bounced 169, the S&P 500 rose 43 points and the 10-year Treasury yield ticked up .01 to 4.62%. Lodging stocks were higher. VCSA and SOHO traded down to new lows but SOHO bounced 5% on the day. BHR was up 7% and SOND was up 6%.
Goldman Sachs cut their target price on Vacasa to $9.50 from $11. They maintained their Neutral rating.
Baird gave their views on the upcoming 1Q results for Lodging REITs. They believe 1Q24 RevPAR trends were weaker than expected across the board due to all the factors we have discussed. They lowered 1Q24 estimates and put full-year expectations now well below guidance midpoints. Baird believes management teams could/should reduce at least the high end of their FY guidance ranges. They believe 1Q24 should be the toughest comp quarter of the year.
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