TGH - Why Textainer Group Stock Dropped 10% in April
Shares of Textainer Group (NYSE: TGH) , which owns a massive fleet of shipping containers, fell roughly 10% in April according to data from S&P Global Market Intelligence . That, however, is really a small change, given that the stock is up more than 220% over the past year. The thing is, these two facts are closely related.
Textainer's business is pretty simple. It buys shipping containers and then leases them out to companies that use them to transport goods around the world. When the pandemic first hit, the world ground to a virtual halt, but then it started to reopen, with huge consumer demand for the types of physical goods that get shipped in Textainer's boxes. Investors jumped on the bandwagon and pushed Textainer Group's stock up.
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Why Textainer Group Stock Dropped 10% in April