Plymouth Industrial REIT (NYSE:PLYM) Price Target Raised to $24.00

Key Points

• BMO Capital Markets has increased the price target for Plymouth Industrial REIT from $17.00 to $24.00, indicating a potential upside of 14.92% based on the stock's previous close.
• Analyst ratings show a mix with two ratings of "Buy", seven "Hold", and one "Sell", leading to an average rating of "Hold" with a consensus target price of $20.67.
• The company reported $0.46 earnings per share for the last quarter, exceeding analysts' expectations and contributing to its positive financial outlook.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) had its target price boosted by analysts at BMO Capital Markets from $17.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. BMO Capital Markets' price objective would indicate a potential upside of 13.71% from the stock's previous close.

PLYM has been the subject of a number of other research reports. JMP Securities reiterated a "market perform" rating on shares of Plymouth Industrial REIT in a research note on Wednesday, August 20th. Citizens Jmp downgraded Plymouth Industrial REIT from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Wall Street Zen upgraded Plymouth Industrial REIT from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Truist Financial lifted their price target on Plymouth Industrial REIT from $18.00 to $21.00 and gave the company a "hold" rating in a research note on Wednesday, August 20th. Finally, Robert W. Baird cut their price target on Plymouth Industrial REIT from $20.00 to $19.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $20.67.

Plymouth Industrial REIT Trading Down 0.0%

NYSE PLYM traded down $0.0040 on Thursday, reaching $21.1060. The company had a trading volume of 1,310,326 shares, compared to its average volume of 456,529. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market cap of $940.27 million, a price-to-earnings ratio of 7.33 and a beta of 1.11. The business has a 50 day moving average of $16.03 and a two-hundred day moving average of $16.00. Plymouth Industrial REIT has a fifty-two week low of $12.70 and a fifty-two week high of $24.70.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The business had revenue of $47.20 million for the quarter, compared to the consensus estimate of $46.20 million. Plymouth Industrial REIT had a return on equity of 24.24% and a net margin of 67.77%. Analysts forecast that Plymouth Industrial REIT will post 1.83 EPS for the current year.

Hedge Funds Weigh In On Plymouth Industrial REIT

Institutional investors have recently bought and sold shares of the company. Pinebridge Investments L.P. boosted its holdings in Plymouth Industrial REIT by 4.3% in the fourth quarter. Pinebridge Investments L.P. now owns 18,688 shares of the company's stock worth $333,000 after purchasing an additional 773 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Plymouth Industrial REIT by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,822 shares of the company's stock worth $406,000 after purchasing an additional 817 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Plymouth Industrial REIT by 136.1% in the second quarter. Parallel Advisors LLC now owns 1,594 shares of the company's stock worth $26,000 after purchasing an additional 919 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in Plymouth Industrial REIT by 1.6% in the first quarter. D.A. Davidson & CO. now owns 58,905 shares of the company's stock worth $960,000 after purchasing an additional 949 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in Plymouth Industrial REIT by 0.6% in the fourth quarter. Two Sigma Advisers LP now owns 185,700 shares of the company's stock worth $3,305,000 after purchasing an additional 1,100 shares during the last quarter. Hedge funds and other institutional investors own 92.67% of the company's stock.

About Plymouth Industrial REIT

Plymouth Industrial REIT, Inc NYSE: PLYM is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.