Why Shares of AmeriCold Realty Trust Are Down This Week
Shares of AmeriCold Realty Trust (NYSE: COLD) were trading down by nearly 11% on the week as of Friday morning after the company updated its guidance and an analyst named the company as a new short-selling idea.
On Tuesday, the real estate investment trust (REIT), which owns and operates temperature-controlled warehouses, cut its 2021 guidance. In a press release, management said that labor disruptions in the food industry are impacting occupancy levels in its warehouses, and noted that its own labor costs are rising. As a result, AmeriCold dialed back its forecast range for estimated adjusted funds from operations per share for the year -- previously $1.34 to $1.40 -- to a range of $1.15 to $1.20.
On the same day, Hedgeye analyst Rob Simone added the REIT to his list of short ideas, saying he thinks its stock price is likely to decline.
Source Fool.com