Why Tanger Factory Outlet Centers Stock Fell as Much as 10% in Early Trading Today
Shares of real estate investment trust (REIT) Tanger Factory Outlet Centers (NYSE: SKT) fell a sharp 10.5% in the first half hour or so of trading on March 9. That said, the stock had clawed back a few percentage points after an hour or so, sitting at a loss of 7% at roughly 10:30 a.m. EST.
Tanger, as its name implies, owns factory outlets, which puts it in the mall REIT peer group. Malls have been hit hard by the coronavirus pandemic, as shoppers have chosen largely to stay home, shopping online, instead of heading out to group settings like malls. However, sentiment around malls has improved thanks to vaccine developments, and Tanger's stock is up more than 50% so far in 2021, including today's downturn. Which brings the story to today's price action.
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Source Fool.com
