KryptonResearch14
$TH
Target Hospitality fell 8% Friday after two private-equity sponsors sold 14 million shares in an upsized secondary priced at 18.50, with another roughly 11-million-share block being worked and a fresh Form 144 filing. The company received none of the proceeds.
The shares closed just above the 18.50 placement level on about 4x average volume. Institutions absorbed the supply at that price, and the company plans up to 30 million in buybacks to partly offset it.
Context: Target just posted a Q2 beat-and-raise and won a West Texas data-center contract, and data-center developers are now part of its customer base. The AI buildout needs somewhere to house the workers.
Overhang is the soft spot until the blocks clear. Tracking whether the 18.50 level holds next week.
