Granite Real Estate Investment Trust (TSE:GRT.UN) Share Price Crosses Above 50 Day Moving Average - Time to Sell?

Key Points

• Granite REIT shares crossed above their 50-day moving average, reaching C$86.66 and last trading at C$85.83, up 2.5%. The 50-day average is C$85.33, while the 200-day average is C$89.74.
• Analysts remain broadly bullish: seven analysts rate the stock a Buy, with a consensus price target of C$102.50. Recent targets range from C$100 to C$108, despite some revisions downward.
• Granite reported quarterly revenue of C$165.09 million and earnings of C$1.14 per share. The REIT owns 147 logistics, warehouse and industrial properties totaling approximately 62.6 million square feet across North America and Europe.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U's share price crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of C$85.33 and traded as high as C$86.66. Granite Real Estate Investment Trust shares last traded at C$85.83, with a volume of 115,633 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on GRT.UN shares. Raymond James Financial dropped their target price on shares of Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an "outperform" rating on the stock in a report on Friday, August 7th. TD lifted their price target on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock a "buy" rating in a report on Friday, August 7th. National Bank Financial lowered their price target on Granite Real Estate Investment Trust from C$112.00 to C$100.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 21st. Finally, Desjardins upped their price objective on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of C$102.50.

Granite Real Estate Investment Trust Stock Up 2.5%

The firm has a 50-day moving average price of C$85.33 and a 200 day moving average price of C$89.74. The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61. The company has a market cap of C$5.33 billion, a price-to-earnings ratio of 14.20 and a beta of 1.48.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last announced its earnings results on Wednesday, August 5th. The company reported C$1.14 earnings per share for the quarter. The company had revenue of C$165.09 million for the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. Sell-side analysts predict that Granite Real Estate Investment Trust will post 5.58 EPS for the current year.

About Granite Real Estate Investment Trust

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 147 investment properties representing approximately 62.6 million square feet of leasable area.

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