Summit Hotel Properties, Inc. (NYSE:INN) was the target of a large increase in short interest during the month of October. As of October 30th, there was short interest totalling 1,710,000 shares, an increase of 17.1% from the October 15th total of 1,460,000 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily volume of 815,300 shares, the short-interest ratio is currently 2.1 days.
Shares of INN traded up $0.06 during trading hours on Friday, reaching $8.25. The stock had a trading volume of 724,298 shares, compared to its average volume of 1,213,683. The company has a quick ratio of 2.17, a current ratio of 0.91 and a debt-to-equity ratio of 0.99. Summit Hotel Properties has a 52 week low of $2.32 and a 52 week high of $12.42. The firm has a 50-day moving average of $5.96 and a 200 day moving average of $5.87. The company has a market cap of $872.10 million, a P/E ratio of -8.09 and a beta of 2.04.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Tuesday, November 3rd. The real estate investment trust reported ($0.37) earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of ($0.40) by $0.03. Summit Hotel Properties had a negative return on equity of 7.82% and a negative net margin of 28.45%. As a group, equities analysts expect that Summit Hotel Properties will post -0.43 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of Summit Hotel Properties by 17.6% in the first quarter. State Street Corp now owns 6,567,708 shares of the real estate investment trust's stock worth $27,716,000 after acquiring an additional 982,192 shares during the period. Macquarie Group Ltd. lifted its holdings in Summit Hotel Properties by 7.0% in the 2nd quarter. Macquarie Group Ltd. now owns 4,882,937 shares of the real estate investment trust's stock valued at $28,956,000 after purchasing an additional 317,664 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in Summit Hotel Properties by 1,694.6% in the 3rd quarter. Great West Life Assurance Co. Can now owns 3,476,465 shares of the real estate investment trust's stock valued at $5,511,000 after purchasing an additional 3,282,747 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in Summit Hotel Properties by 14.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,427,246 shares of the real estate investment trust's stock valued at $20,323,000 after purchasing an additional 436,491 shares in the last quarter. Finally, GW&K Investment Management LLC lifted its holdings in Summit Hotel Properties by 3.7% in the 3rd quarter. GW&K Investment Management LLC now owns 2,664,885 shares of the real estate investment trust's stock valued at $13,805,000 after purchasing an additional 94,858 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company's stock.
A number of research firms have recently commented on INN. TheStreet downgraded Summit Hotel Properties from a "c-" rating to a "d" rating in a research note on Wednesday, August 12th. ValuEngine raised Summit Hotel Properties from a "buy" rating to a "strong-buy" rating in a research note on Monday, November 2nd. One research analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Summit Hotel Properties presently has a consensus rating of "Buy" and a consensus target price of $10.00.
About Summit Hotel Properties
Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of August 5, 2020, the Company's portfolio consisted of 72 hotels, 67 of which are wholly owned, with a total of 11,288 guestrooms located in 23 states.
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