ACRES Commercial Realty Corp. (NYSE:ACR) Sees Large Drop in Short Interest

Key Points

• ACRES Commercial Realty Corp. experienced a significant **20.3% decline** in short interest in August, with the total short interest falling to **204,000 shares** by August 31st.
• Major shareholder **Eagle Point Credit Management** sold **10,062 shares** at an average price of **$22.57**, reducing their ownership by **1.28%**.
• **JMP Securities** raised its target price for ACRES from **$22.00** to **$23.50**, maintaining a "market outperform" rating, contributing to a consensus rating of **"Moderate Buy"** for the stock.

ACRES Commercial Realty Corp. (NYSE:ACR - Get Free Report) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totaling 204,000 shares, a decrease of 20.3% from the August 15th total of 256,100 shares. Based on an average daily trading volume, of 40,600 shares, the days-to-cover ratio is presently 5.0 days. Approximately 3.3% of the shares of the company are short sold. Approximately 3.3% of the shares of the company are short sold. Based on an average daily trading volume, of 40,600 shares, the days-to-cover ratio is presently 5.0 days.

ACRES Commercial Realty Price Performance

ACR stock traded up $0.31 during trading hours on Monday, hitting $21.26. 12,353 shares of the stock traded hands, compared to its average volume of 16,217. The stock has a 50-day simple moving average of $19.98 and a 200 day simple moving average of $19.29. The company has a market cap of $157.95 million, a P/E ratio of -1,062.42 and a beta of 1.82. ACRES Commercial Realty has a one year low of $14.87 and a one year high of $23.81. The company has a current ratio of 69.53, a quick ratio of 69.53 and a debt-to-equity ratio of 3.01.

Analyst Ratings Changes

Separately, JMP Securities raised their price target on ACRES Commercial Realty from $22.00 to $23.50 and gave the company a "market outperform" rating in a report on Thursday, September 11th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, ACRES Commercial Realty currently has an average rating of "Moderate Buy" and a consensus target price of $23.50.

Insider Buying and Selling

In other ACRES Commercial Realty news, major shareholder Eagle Point Credit Management sold 2,456 shares of ACRES Commercial Realty stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $22.61, for a total transaction of $55,530.16. Following the sale, the insider owned 774,367 shares of the company's stock, valued at $17,508,437.87. The trade was a 0.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders sold 82,878 shares of company stock valued at $1,855,361. 3.92% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACRES Commercial Realty

Several hedge funds have recently made changes to their positions in ACR. Biltmore Family Office LLC lifted its stake in ACRES Commercial Realty by 6.6% during the first quarter. Biltmore Family Office LLC now owns 23,552 shares of the company's stock valued at $510,000 after buying an additional 1,448 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of ACRES Commercial Realty by 1.2% during the first quarter. Acadian Asset Management LLC now owns 156,453 shares of the company's stock valued at $3,386,000 after acquiring an additional 1,851 shares during the period. Bank of America Corp DE boosted its stake in ACRES Commercial Realty by 110.4% in the 2nd quarter. Bank of America Corp DE now owns 3,671 shares of the company's stock worth $66,000 after purchasing an additional 1,926 shares during the period. Sei Investments Co. grew its position in ACRES Commercial Realty by 22.5% during the 2nd quarter. Sei Investments Co. now owns 12,314 shares of the company's stock worth $221,000 after purchasing an additional 2,263 shares in the last quarter. Finally, JPMorgan Chase & Co. acquired a new stake in ACRES Commercial Realty during the 2nd quarter valued at $52,000. Institutional investors and hedge funds own 40.03% of the company's stock.

About ACRES Commercial Realty

ACRES Commercial Realty Corp., a real estate investment trust (REIT), focuses on the origination, holding, and management of commercial real estate mortgage loans and equity investments in commercial real estate property in the United States. It invests in commercial real estate-related assets, including floating-rate first mortgage loans, first priority interests in first mortgage loans, subordinated interests in first mortgage loans, mezzanine financing, preferred equity investments, and commercial mortgage-backed securities.