Seritage Growth Properties (NYSE:SRG) Stock Price Crosses Above 50 Day Moving Average – What’s Next?

Seritage Growth Properties (NYSE:SRG) shares crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $2.63 and traded as high as $2.73. Seritage Growth Properties shares last traded at $2.6650, with a volume of 99,786 shares.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wall Street Zen cut shares of Seritage Growth Properties from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings raised shares of Seritage Growth Properties from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Seritage Growth Properties presently has an average rating of “Sell”.

Seritage Growth Properties Stock Performance

The firm’s 50-day moving average price is $2.63 and its two-hundred day moving average price is $3.01. The company has a debt-to-equity ratio of 0.16, a quick ratio of 18.47 and a current ratio of 18.47. The stock has a market cap of $148.99 million, a price-to-earnings ratio of -1.84 and a beta of 2.21.

Seritage Growth Properties (NYSE:SRG) last announced its quarterly earnings results on Friday, May 15th. The financial services provider reported ($0.56) earnings per share for the quarter. The firm had revenue of $2.05 million for the quarter. Seritage Growth Properties had a negative net margin of 487.58% and a negative return on equity of 23.03%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its position in shares of Seritage Growth Properties by 140.1% during the 1st quarter. Bank of America Corp DE now owns 52,025 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 30,358 shares during the last quarter. RBF Capital LLC acquired a new position in shares of Seritage Growth Properties during the 1st quarter valued at about $174,000. Towerview LLC raised its holdings in Seritage Growth Properties by 28.8% in the 1st quarter. Towerview LLC now owns 1,030,000 shares of the financial services provider’s stock valued at $2,894,000 after buying an additional 230,000 shares during the period. Creek Drive Management Group LLC purchased a new stake in Seritage Growth Properties in the 4th quarter valued at about $1,421,000. Finally, XTX Topco Ltd purchased a new stake in Seritage Growth Properties in the 4th quarter valued at about $87,000. Institutional investors and hedge funds own 78.93% of the company’s stock.

About Seritage Growth Properties

Seritage Growth Properties is a publicly traded real estate investment trust (REIT) formed in 2015 as a spin-off from Sears Holdings. Headquartered in New York City, the company owns and operates a diversified portfolio of retail and mixed-use properties that were previously under the Sears and Kmart banners. Since its launch, Seritage has pursued a strategy of unlocking value through active asset management, redevelopment and strategic leasing.

The company’s core business activities include the acquisition and redevelopment of retail properties, negotiation of long-term lease agreements with national and regional tenants, and selective disposition of non-core assets.