CoreCivic (NYSE:CXW) Shares Gap Up on Analyst Upgrade

Key Points

• CoreCivic shares jumped 6.7% after Wall Street Zen upgraded the stock from “hold” to “buy,” opening at $33.97 versus a prior close of $32.27 and last trading at $34.38.
• Analyst sentiment is broadly positive: CoreCivic has a consensus “Buy” rating from four analysts and an average price target of $37.00, with Benchmark setting the highest target at $45.00.
• Institutional investors and hedge funds own approximately 85.13% of the company; CoreCivic operates correctional, detention, reentry and rehabilitation facilities under government contracts.

CoreCivic, Inc. (NYSE:CXW - Get Free Report)'s stock price gapped up before the market opened on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $32.27, but opened at $33.97. CoreCivic shares last traded at $34.3750, with a volume of 186,997 shares traded.

Other research analysts have also recently issued research reports about the stock. Northland Securities set a $40.00 price objective on shares of CoreCivic in a report on Friday, June 26th. Noble Financial increased their target price on shares of CoreCivic from $28.00 to $35.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Benchmark raised their price target on shares of CoreCivic from $41.00 to $45.00 and gave the company a "buy" rating in a research report on Friday. Weiss Ratings upgraded shares of CoreCivic from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, July 1st. Finally, UBS Group set a $35.00 price objective on CoreCivic in a research report on Tuesday, July 7th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $37.00.

Institutional Trading of CoreCivic

Several hedge funds have recently added to or reduced their stakes in CXW. NBC Securities Inc. grew its holdings in CoreCivic by 533.9% during the 4th quarter. NBC Securities Inc. now owns 1,458 shares of the real estate investment trust's stock worth $28,000 after acquiring an additional 1,228 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of CoreCivic during the 2nd quarter worth $52,000. Leonteq Securities AG acquired a new position in shares of CoreCivic during the fourth quarter worth $57,000. Smartleaf Asset Management LLC increased its holdings in CoreCivic by 33.0% in the second quarter. Smartleaf Asset Management LLC now owns 2,829 shares of the real estate investment trust's stock valued at $59,000 after buying an additional 702 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in CoreCivic by 320.7% in the fourth quarter. Fifth Third Bancorp now owns 3,340 shares of the real estate investment trust's stock valued at $64,000 after buying an additional 2,546 shares during the last quarter. Institutional investors and hedge funds own 85.13% of the company's stock.

CoreCivic Stock Up 6.7%

The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.86. The stock has a market cap of $3.41 billion, a PE ratio of 27.55 and a beta of 0.58. The firm has a fifty day moving average of $29.22 and a 200 day moving average of $22.93.

About CoreCivic

CoreCivic, Inc NYSE: CXW is a real estate investment trust specializing in the ownership, management and operation of private correctional and detention facilities in the United States. The company enters into contracts with federal, state and local government agencies to house inmates and detainees in facilities that it owns or operates on a concession basis. In addition to traditional prison operations, CoreCivic provides specialized services such as community-based reentry programs, electronic monitoring and rehabilitation initiatives aimed at reducing recidivism.

CoreCivic's portfolio encompasses a mix of adult correctional facilities, immigration detention centers, residential reentry centers and other community-based programs.

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