AMREP (NYSE:AXR) Share Price Crosses Below 200 Day Moving Average - Here's Why

Key Points

• AMREP shares fell below their 200-day moving average, reaching $22.11 compared with the $25.17 average, and last traded at $22.66.
• Analysts maintain a consensus “Hold” rating, while Freedom Broker cut its price target from $26 to $22. The consensus target is now $22.
• AMREP’s latest quarterly results significantly missed expectations, with EPS of $0.05 versus $0.44 expected and revenue of $6.05 million versus $14.27 million forecast.

AMREP Corporation (NYSE:AXR - Get Free Report)'s stock price passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $25.17 and traded as low as $22.11. AMREP shares last traded at $22.66, with a volume of 20,785 shares.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Freedom Broker reduced their price target on shares of AMREP from $26.00 to $22.00 and set a "hold" rating on the stock in a research report on Tuesday, September 15th. Weiss Ratings lowered shares of AMREP from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, September 18th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $22.00.

AMREP Trading Up 0.8%

The firm has a market cap of $120.55 million, a price-to-earnings ratio of 20.98 and a beta of 1.10. The stock has a 50-day moving average of $22.91 and a 200-day moving average of $25.17.

AMREP (NYSE:AXR - Get Free Report) last issued its quarterly earnings data on Friday, September 11th. The business services provider reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.39). The company had revenue of $6.05 million for the quarter, compared to the consensus estimate of $14.27 million. AMREP had a return on equity of 4.21% and a net margin of 14.31%.

Insider Activity at AMREP

In related news, CFO Adrienne Uleau sold 4,000 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $23.49, for a total value of $93,960.00. Following the sale, the chief financial officer owned 6,574 shares of the company's stock, valued at $154,423.26. This trade represents a 37.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 37.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Robotti Robert acquired a new stake in shares of AMREP in the second quarter valued at approximately $13,159,000. JB Capital Partners LP acquired a new position in shares of AMREP during the second quarter worth approximately $3,565,099. Empowered Funds LLC acquired a new position in shares of AMREP during the second quarter worth approximately $1,225,000. BlackRock Inc. bought a new position in AMREP in the 2nd quarter worth approximately $561,000. Finally, Marquette Asset Management LLC bought a new position in AMREP in the 2nd quarter worth approximately $164,000. 59.85% of the stock is owned by institutional investors and hedge funds.

About AMREP

AMREP Corporation is a diversified company that provides fulfillment services and develops real estate. Through its fulfillment operations, the company serves publishers, membership organizations, nonprofit groups and other businesses with subscription and product fulfillment, direct-mail distribution, data processing, customer-care support and related services.

AMREP's real estate business is conducted primarily through its AMREP Southwest subsidiary, which owns and develops residential and commercial land in and around Rio Rancho, New Mexico.

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