NETSTREIT Corp. (NYSE:NTST) Sees Large Growth in Short Interest

Key Points

• NETSTREIT Corp. experienced a significant increase in short interest, rising by 103.4% in July, with a current total of 17,310,000 shares sold short, indicating 20.9% of its shares are shorted.
• Several institutional investors have expanded their stakes in NETSTREIT, with Vanguard Group increasing its position by 4.0% and Principal Financial Group growing its stake by 61.3% in the first quarter.
• NETSTREIT is raising its quarterly dividend to $0.215 per share, signaling a positive shift from the previous $0.21 dividend, equating to an annualized yield of 4.6%.

NETSTREIT Corp. (NYSE:NTST - Get Free Report) saw a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 17,310,000 shares, anincreaseof103.4% from the July 15th total of 8,510,000 shares. Approximately20.9% of the shares of the company are sold short. Based on an average daily volume of 1,160,000 shares, the days-to-cover ratio is presently 14.9 days. Based on an average daily volume of 1,160,000 shares, the days-to-cover ratio is presently 14.9 days. Approximately20.9% of the shares of the company are sold short.

Institutional Trading of NETSTREIT

Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in shares of NETSTREIT by 1,123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,786 shares of the company's stock worth $30,000 after acquiring an additional 1,640 shares in the last quarter. Assetmark Inc. boosted its position in NETSTREIT by 126.3% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock valued at $34,000 after buying an additional 1,200 shares in the last quarter. CWM LLC boosted its position in NETSTREIT by 78.2% in the first quarter. CWM LLC now owns 2,253 shares of the company's stock valued at $36,000 after buying an additional 989 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in NETSTREIT in the fourth quarter valued at approximately $41,000. Finally, State of Wyoming acquired a new stake in NETSTREIT in the first quarter valued at approximately $58,000.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Truist Financial set a $19.00 price target on shares of NETSTREIT in a report on Friday, July 25th. Raymond James Financial reissued a "strong-buy" rating and issued a $21.00 price target on shares of NETSTREIT in a report on Wednesday, July 30th. Bank of America raised shares of NETSTREIT from an "underperform" rating to a "neutral" rating and increased their price target for the company from $18.00 to $19.00 in a report on Monday, July 28th. UBS Group increased their price target on shares of NETSTREIT from $20.00 to $21.00 and gave the company a "buy" rating in a report on Friday, August 15th. Finally, Robert W. Baird increased their price target on shares of NETSTREIT from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $19.14.

NETSTREIT Stock Performance

Shares of NTST traded up $0.0650 during mid-day trading on Friday, hitting $18.9450. 123,314 shares of the company's stock were exchanged, compared to its average volume of 1,013,945. NETSTREIT has a 52 week low of $13.42 and a 52 week high of $19.18. The stock's 50-day simple moving average is $17.70 and its 200-day simple moving average is $16.20. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -237.05, a price-to-earnings-growth ratio of 4.36 and a beta of 0.89. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.70.

NETSTREIT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.215 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.86 annualized dividend and a dividend yield of 4.5%. This is a positive change from NETSTREIT's previous quarterly dividend of $0.21. NETSTREIT's dividend payout ratio (DPR) is -1,050.00%.

NETSTREIT Company Profile

NETSTREIT Corp. is an internally managed real estate investment trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets.