- 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.
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