TH - Why Target Hospitality's Shares Are Surging On Thursday | Benzinga
Shares of accommodations and hospitality services provider Target Hospitality Corp. (NASDAQ:TH) are trading higher after the company provided a business update and revised its 2024 outlook following the termination of a significant contract.
Recently, the U.S. government notified Target Hospitality that the South Texas Family Residential Center (STFRC) contract will end on August 9, 2024. This contract contributed approximately $55.9 million to Target Hospitality’s revenue in 2023.
With the STFRC contract termination and other factors, Target Hospitality updated 2024 financial projections, with total revenue of $375 million – $385 million ...