Chatham Lodging Trust (CLDT) is experiencing a notable increase in its stock price, driven by significant institutional activity and strategic investments. Recent filings reveal that Millennium Management LLC significantly increased its stake in CLDT by 1,241.7% during the second quarter, now holding over 1.4 million shares valued at approximately $12.05 million. Similarly, Donald Smith & CO. Inc. boosted its position by 56.8%, acquiring over 3.3 million shares worth $28.37 million. These substantial investments by institutional investors indicate a strong vote of confidence in Chatham Lodging Trust's future prospects, contributing to the positive sentiment surrounding the stock.
The stock's upward movement is further supported by the overall market conditions and the company's strategic positioning within the real estate investment trust sector. Despite a reduction in holdings by Y Intercept Hong Kong Ltd, which decreased its position by 70.3% in the third quarter, the influx of new investments from other hedge funds and institutional investors has overshadowed this sell-off. With 88.37% of the company's stock owned by institutional investors, the market perceives Chatham Lodging Trust as a stable and promising investment, which is reflected in the current trading activity.
Chatham Lodging Trust's stock is up 1.65% in pre-market hours on Tuesday, December 17, reaching $9.87 as of 8:46 AM ET.