Soho House Falls After Short Seller Draws WeWork Comparisons
- GlassHouse Research initiates coverage with a $0 price target
- Shares have been under pressure since company’s 2021 IPO
Andrew Carnie, chief executive officer of Soho House & Co.
Photographer: Jose Sarmento Matos/BloombergThis article is for subscribers only.
Members-only Soho House & Co Inc. might just be the next WeWork Inc.-style flop, according to a short report from GlassHouse Research.
Shares of the luxury hotels and clubs operator plunged as much as 30% intraday — the steepest drop ever for the stock — before closing down 19% Wednesday at $5, after GlassHouse initiated coverage with a $0 price target. The report questioned the firm’s viability given its growing debt and lack of profit.