Conn’s Shares Surge On Hedge Fund Backing and Shorts Covering

March 12, 2015 • Free, Top News • Tags:

Conn’s (CONN) saw their stock price soar today, surging almost 15%. The Texas based specialty retailer sells home appliances, electronics, furniture and furniture related accessories as well as providing their own in-house financing and credit insurance products to customers. Over the past week, research analysts at SunTrust, KeyBanc and Stifel Nicolaus have upgraded CONN rating and Citadel Advisor’s disclosure today of a 4.9% stake in the company. Citadel joins David Einhorn's Greenlight Capital as two bullish, large hedge funds that back Conn’s.

Lackluster February

Conn’s had a 2014 to be forgotten, plagued by growing bad debt expense due to their lax lending practices which ultimately led to deteriorating credit scores of their borrowers. As a result, the company disclos...

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