SRG - This Stock Has Doubled in July and Could Keep Rising
Seritage Growth Properties (NYSE: SRG) has been a bust for long-term investors since launching as a real estate spinoff from Sears Holdings seven years ago. After an initial burst of investor enthusiasm, Seritage stock crashed from a 2016 high above $50 to barely more than $5 at the end of June.
However, shareholders have finally gotten some relief in July. Seritage stock has doubled to more than $10 this month, after the company said it intends to wind down operations, sell its remaining assets, and return the net proceeds to shareholders. Even after that quick gain, Seritage Growth Properties is likely to keep moving higher as the liquidation process plays out.
When it separated from Sears Holdings in 2015, Seritage owned stakes in 266 properties. In the following years, it opportunistically sold some of its real estate to fund the costs of redeveloping other assets. That whittled down its portfolio to 212 properties by early 2020.
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This Stock Has Doubled in July and Could Keep Rising