Lodging Stocks Whipsawed After Bank Seizures
Skift Take
- In a day that was everything that was expected, the financial indexes and individual stocks were whipsawed.
- B.Riley lowered their price target on Ashford Hospitality Trust to $6.50 from $9. They maintained their Neutral rating.
- Jon Bortz, chairman of Pebblebrook Hotel Trust has been on a bit of an insider buying spree the past few weeks. He has purchased a total of 64,000 shares between 2/28 and 3/9 at prices ranging from $14.30 to $14.67.
In a day that was everything that was expected, the financial indexes and individual stocks were whipsawed. The DJIA ended the day down 91 points but Nasdaq was up 50, the S&P 500 was down 6 points and the flight to safety continued, along with the cries that all this turmoil would stop the Fed from raising rates anymore, resulting in the 10-year treasury yield falling another .18 to 3.52%. Lodging stocks were lower. AHT fell -8%, MCG and SLNA were both down -7% with SLNA trading down to another all-time low. SOND also hit an all-time low, down to below $0.77 but then bounced, ending the day up 5%. HT and TNL were down -5% on the day.
B.Riley lowered their price target on Ashford Hospitality Trust to $6.50 from $9. They maintained their Neutral rating.
Truist upped their target price on Bluegreen Vacation Holdings to $51 from $45, updating estimates after BVH reported a higher than expecte
