Site Centers (NYSE:SITC) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Site Centers from “hold” to “sell.” Other analysts have also issued bearish ratings, leaving the stock with a consensus “sell” rating and a $3.50 consensus price target.
• Site Centers shares opened at $0.67, down sharply, and traded near the company’s one-year low of $0.59.
• The company reported a quarterly loss of $0.06 per share, better than the $0.10 loss analysts expected, but revenue of $4.47 million came in below the $5.70 million consensus estimate.

Site Centers (NYSE:SITC - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other equities analysts have also recently weighed in on SITC. Piper Sandler cut their price target on Site Centers from $5.00 to $3.50 and set a "neutral" rating for the company in a report on Tuesday, August 4th. Zacks Research downgraded Site Centers from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 20th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Site Centers in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Sell" and a consensus price target of $3.50.

Site Centers Trading Down 81.3%

Shares of NYSE SITC opened at $0.67 on Friday. The business has a 50-day moving average price of $3.18 and a two-hundred day moving average price of $4.62. The firm has a market capitalization of $35.10 million, a PE ratio of 0.27 and a beta of 0.96. Site Centers has a one year low of $0.59 and a one year high of $7.49.

Site Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $4.47 million for the quarter, compared to the consensus estimate of $5.70 million. Site Centers had a return on equity of 40.51% and a net margin of 334.85%.

Institutional Trading of Site Centers

A number of institutional investors and hedge funds have recently modified their holdings of SITC. Bell Investment Advisors Inc bought a new stake in Site Centers in the 3rd quarter valued at $25,000. Integrated Wealth Concepts LLC bought a new stake in Site Centers in the 2nd quarter valued at about $26,000. WealthCollab LLC increased its holdings in Site Centers by 950.8% during the first quarter. WealthCollab LLC now owns 5,296 shares of the company's stock worth $29,000 after buying an additional 4,792 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Site Centers by 3,546.9% during the 1st quarter. Parallel Advisors LLC now owns 8,242 shares of the company's stock valued at $45,000 after purchasing an additional 8,016 shares during the last quarter. Finally, Seven Mile Advisory purchased a new position in Site Centers during the 3rd quarter valued at about $52,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Site Centers Company Profile

SITE Centers Corp. NYSE: SITC is a self-administered and self-managed real estate investment trust that owns, operates and leases open-air shopping centers in the United States. Its properties are generally located in suburban communities and are designed to serve everyday consumer needs.

The company's portfolio includes grocery-anchored and other multi-tenant retail centers occupied by a mix of national, regional and local retailers, restaurants, service providers and other consumer-focused businesses.

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