Clark Street Value sold its position in Extended Stay America Inc. (NASDAQ:STAY) stock. Clark Street Value is an individual investor that is focused on finding value and special situation investments. Extended Stay America Inc. (NASDAQ:STAY) owns and operates company-branded hotels in North America. In the last one year, Extended Stay America Inc. (NASDAQ:STAY) stock lost 1.8% and on January 5th it had a closing price of $14.13.
Clark Street Value has reduced its exposure to hospitality companies. The investor said that Extended Stay America Inc. (NASDAQ:STAY) has emerged stronger from the COVID-19 pandemic as their rooms feature kitchens and act as temporary residences instead of travel leisure. Clark Street Value added, “It also drummed up some rumors of PE interest, I sold to put money to work in other places, but it could be worth monitoring as it still is the only remaining major hotel chain that is both the brand manager and the owner of its hotels (plus the weird paired share structure), eventually that will change.”
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In Q2 2020, the number of bullish hedge fund positions on Extended Stay America Inc. (NASDAQ:STAY) stock increased by about 67% from the previous quarter (see the chart here), so a number of other hedge fund managers believe in STAY’s growth potential. Our calculations showed that Extended Stay America Inc. (NASDAQ:STAY) isn’t ranked among the 30 most popular stocks among hedge funds.
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Video: Top 5 Stocks Among Hedge Funds
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