Seritage Growth Properties (NYSE:SRG) Shares Cross Below 50-Day Moving Average – Here’s Why

Shares of Seritage Growth Properties (NYSE:SRG) crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $2.62 and traded as low as $2.54. Seritage Growth Properties shares last traded at $2.6250, with a volume of 197,560 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SRG shares. Wall Street Zen downgraded shares of Seritage Growth Properties from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings downgraded shares of Seritage Growth Properties from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Seritage Growth Properties Trading Up 1.3%

The company has a quick ratio of 18.47, a current ratio of 18.47 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average is $2.62 and its 200-day moving average is $2.92. The company has a market cap of $150.12 million, a PE ratio of -1.85 and a beta of 2.19.

Seritage Growth Properties (NYSE:SRG) last announced its earnings results on Friday, May 15th. The financial services provider reported ($0.56) earnings per share (EPS) for the quarter. The business 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%.

Hedge Funds Weigh In On Seritage Growth Properties

Several hedge funds have recently bought and sold shares of the business. Barclays PLC boosted its holdings in shares of Seritage Growth Properties by 307.7% in the 4th quarter. Barclays PLC now owns 7,575 shares of the financial services provider’s stock valued at $25,000 after buying an additional 5,717 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in Seritage Growth Properties during the fourth quarter valued at approximately $34,000. Bank of America Corp DE lifted its position in Seritage Growth Properties by 725.6% during the third quarter. Bank of America Corp DE now owns 14,629 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 12,857 shares during the last quarter. Invesco Ltd. acquired a new stake in Seritage Growth Properties in the second quarter valued at approximately $60,000. Finally, Brevan Howard Capital Management LP grew its holdings in Seritage Growth Properties by 89.2% in the second quarter. Brevan Howard Capital Management LP now owns 20,867 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 9,839 shares during the last quarter. Institutional investors own 78.93% of the company’s stock.

Seritage Growth Properties Company Profile

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.