The COVID-19 pandemic crushed Seritage Growth Properties ' (NYSE: SRG) business in 2020 -- as was the case for most owners of retail real estate. Shares of the real estate investment trust ( REIT ) fell from around $40 a year ago into single-digit territory last spring.
While Seritage shares briefly surpassed $20 last June, the REIT stock ended 2020 below the $15 mark. However, it surged again last week, closing at $22.37 on Thursday, as investors chased risky assets and bet on heavily shorted stocks like Seritage.
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This REIT Stock Is Surging: Smart Investors Should Sell Now