PK - Why did Park Hotels & Resorts stock go down today? Lodging REITs buck market rally
- Park Hotels & Resorts ( NYSE: PK ) stock finished Wednesday's session 6.8% lower as lodging REITs bucked the broader market rally.
- Indeed, all three major U.S. stock indices wrapped up the session in the green , though market participants largely dumped hotel REITs, adding to a recent slump.
- PK was one of the worst performers in the subsector, marking its seventh straight day of declines. The bearish intraday price action comes as Geoffrey Garrett, a director at the company, disclosed a sale of 3,000 shares of common stock on December 16, according to a recent SEC filing .
- That sale, though, represents a small portion of PK's daily volume, which stood at nearly 8.1M shares on Wednesday.
- Other lodging REITs: Chatham Lodging Trust ( CLDT ) -5.9% , Apple Hospitality REIT ( APLE ) -2.9% , Ashford Hospitality Trust ( AHT ) -5.9% , Service Properties Trust ( SVC ) -2.1% , Host Hotels and Resorts ( HST ) -6.1% and Pebblebrook Hotel Trust ( PEB ) -8.5% .
- Seeking Alpha contributor The Investment Doctor viewed PK as a Buy, dismissing its debt level given its strong loan-to-value ratios .
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Why did Park Hotels & Resorts stock go down today? Lodging REITs buck market rally