Costar Group (CSGP) Gains 2% as Loeb's Third Point Takes New Stake

May 7, 2021 9:52 AM EDT

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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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