Ready Capital (NYSE:RC) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Ready Capital from “strong sell” to “sell,” though the stock remains negatively rated overall. MarketBeat reports an average “Reduce” rating and an average price target of $1.17.
• Analysts have lowered price targets: Piper Sandler cut its target to $1.00, while Keefe, Bruyette & Woods and UBS Group reduced theirs to $1.25.
• Ready Capital reported quarterly earnings of $(0.53) per share, missing estimates of $(0.42), despite revenue of $25.33 million beating expectations. Shares opened at $0.82, the stock’s one-year low.

Ready Capital (NYSE:RC - Get Free Report) was upgraded by Wall Street Zen from a "strong sell" rating to a "sell" rating in a report released on Saturday, Wall Street Zen reports.

RC has been the subject of several other reports. Zacks Research upgraded shares of Ready Capital from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. Piper Sandler lowered their price target on Ready Capital from $1.25 to $1.00 and set a "neutral" rating on the stock in a research report on Monday, November 9th. Weiss Ratings restated a "sell (e+)" rating on shares of Ready Capital in a research report on Friday, August 28th. Keefe, Bruyette & Woods dropped their price target on Ready Capital from $1.40 to $1.25 and set an "underperform" rating for the company in a research note on Friday, October 9th. Finally, UBS Group dropped their price target on Ready Capital from $2.00 to $1.25 and set a "neutral" rating for the company in a research note on Thursday. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Ready Capital has an average rating of "Reduce" and an average target price of $1.17.

Ready Capital Price Performance

Shares of RC opened at $0.82 on Friday. The firm's 50 day simple moving average is $1.26 and its 200 day simple moving average is $1.62. The company has a quick ratio of 1.91, a current ratio of 1.88 and a debt-to-equity ratio of 0.89. Ready Capital has a 1-year low of $0.82 and a 1-year high of $2.80.

Ready Capital (NYSE:RC - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The real estate investment trust reported ($0.53) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.11). The company had revenue of $25.33 million during the quarter, compared to the consensus estimate of $23.10 million. Ready Capital had a negative return on equity of 9.25% and a negative net margin of 163.95%. On average, equities research analysts anticipate that Ready Capital will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ready Capital

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Ready Capital in the 2nd quarter valued at about $31,059,000. Private Management Group Inc. boosted its holdings in Ready Capital by 9.5% during the 2nd quarter. Private Management Group Inc. now owns 7,932,521 shares of the real estate investment trust's stock valued at $13,882,000 after acquiring an additional 689,928 shares during the period. GSA Capital Partners LLP purchased a new stake in Ready Capital during the 2nd quarter valued at about $856,000. Bank of New York Mellon Corp bought a new position in Ready Capital during the 2nd quarter worth approximately $845,000. Finally, Ieq Capital LLC bought a new position in Ready Capital during the 2nd quarter worth approximately $817,000. 55.87% of the stock is currently owned by institutional investors.

About Ready Capital

Ready Capital Corporation is a real estate finance company focused on commercial real estate lending. It originates, acquires, finances and services loans secured by commercial properties, including bridge and construction loans for property owners and investors. The company also invests in commercial real estate-related assets and provides financing through programs such as Small Business Administration lending. Its activities serve borrowers and property owners across the United States. Ready Capital is externally managed by Waterfall Asset Management and trades on the New York Stock Exchange under the symbol RC.

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