Shares of the retail real estate company were up 16% in early trading but paired back those gains to close down more than 3% as the broader markets sold off. Yesterday the stock closed 9% higher. Sharp upward movements on heavily shorted names are normally indicative of a short squeeze. Retail investors on WallStreetBets have increased their mention of the stock recently.
Shares are up more than 75% year-to-date, and short interest on the stock is more than 30%.
The stock was heavily beaten in the early months of the pandemic as many of the company's outdoor malls were shut down temporarily in 2020 and some of its tenants went bankrupt.
Tanger Factory Outlet's fourth quarter results for 2020 though show an impressive bounce back. Traffic during the quarter represented approximately 90% of prior year levels and increased to approximately 96% in January.
Rent collections for the quarter improved to 95% of billed rents as of the end of January.
"Our liquidity position is strong, with $84 million of cash and $600 million in unsecured lines of credit that were undrawn at the end of January," according to CEO Stephen Yalof.
Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre