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Hall Of Fame Resort & Entertainment Co. - Instant Replay

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  • HOFV (https://www.hofreco.com/) is a business building a resort and entertainment complex around the NFL Hall of Fame in Canton, OH.
  • The stock is a buster SPAC merger from 2020, whose timing could not have been worse with COVID-19 and lockdowns for travel and tourism.
  • The Company has $250MM in liquidity to complete the near-term phases of the project and has deep pocketed investors who we believe mitigate financial risk for this hallmark site.
  • Insiders have been purchasing millions of shares on the open market, while equity and debt financing have been secured around current levels mitigating downside risk and providing an attractive entry point for traders.
  • We are initiating coverage of HOFV with a TRADING BUY and look for the stock to continue today's breakout on volume to $5+ near-term.  Barring some bout of new virus or mutation which further delays recovery, we believe the stock should recover to the $10 SPAC print or more when the stock gets more of a following.  Further analysis forthcoming.

Analyst's Disclosure: I am/we are long HOFV.

We intend to provide additional commentary in our ongoing coverage of HOFV.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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