Costar Group (CSGP) Gains 2% as Loeb's Third Point Takes New Stake
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Costar Group (NASDAQ: CSGP) gains 2% in early trading after Dan Loeb's Third Point LLC said it established a new position in Q1.
From the firm's letter:
"We took advantage of the volatility in growth stocks during Q1 to establish a new long position in CoStar Group – the leading technology vendor serving the commercial real estate (CRE) industry. We think CoStar is an exceptionally high-quality “compounder” in the early innings of a transformational new opportunity which could meaningfully accelerate earnings growth. We also believe the business will be a direct beneficiary of the impending wave of COVID-induced disruption in the CRE market. CoStar’s opportunity is best understood in two parts, which we refer to as Act 1 and Act 2."
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Related EntitiesDaniel Loeb, Third Point LLC, Earnings
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