Seritage Growth Properties (NYSE:SRG) Shares Cross Below 50 Day Moving Average - Here's What Happened

Key Points

• Seritage Growth Properties shares fell below their 50-day moving average, trading as low as $1.59 versus the $2.03 average, and last changing hands at $1.6050.
• Analyst sentiment remains negative: the stock carries an average “Sell” rating, despite Wall Street Zen upgrading it to “Hold.”
• The company reported a quarterly loss of $0.13 per share on $1.87 million in revenue, while institutional investors increased their holdings; institutions and hedge funds own 78.93% of the stock.

Seritage Growth Properties (NYSE:SRG - Get Free Report)'s share price passed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $2.03 and traded as low as $1.59. Seritage Growth Properties shares last traded at $1.6050, with a volume of 90,300 shares changing hands.

Analyst Upgrades and Downgrades

SRG has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Seritage Growth Properties from a "strong sell" rating to a "hold" rating in a report on Sunday, August 23rd. Weiss Ratings cut Seritage Growth Properties from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, September 2nd. One analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company currently has an average rating of "Sell".

Seritage Growth Properties Stock Performance

The stock has a market cap of $90.41 million, a P/E ratio of -1.54 and a beta of 2.24. The firm's 50-day moving average is $2.03 and its two-hundred day moving average is $2.41. The company has a quick ratio of 18.98, a current ratio of 18.98 and a debt-to-equity ratio of 0.17.

Seritage Growth Properties (NYSE:SRG - Get Free Report) last released its quarterly earnings data on Friday, August 14th. The financial services provider reported ($0.13) earnings per share (EPS) for the quarter. The business had revenue of $1.87 million during the quarter. Seritage Growth Properties had a negative net margin of 419.02% and a negative return on equity of 17.06%.

Institutional Investors Weigh In On Seritage Growth Properties

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRG. Squarepoint Ops LLC grew its stake in Seritage Growth Properties by 295.4% in the 2nd quarter. Squarepoint Ops LLC now owns 228,663 shares of the financial services provider's stock valued at $601,000 after buying an additional 170,837 shares during the last quarter. Cygnus Capital Advisors LLC lifted its position in Seritage Growth Properties by 48.1% during the 2nd quarter. Cygnus Capital Advisors LLC now owns 1,261,358 shares of the financial services provider's stock worth $3,318,000 after acquiring an additional 409,911 shares during the last quarter. Newtyn Management LLC boosted its holdings in Seritage Growth Properties by 5,411.3% during the second quarter. Newtyn Management LLC now owns 2,266,230 shares of the financial services provider's stock valued at $5,960,000 after acquiring an additional 2,225,110 shares during the period. Ancora Advisors LLC boosted its holdings in Seritage Growth Properties by 27.0% during the second quarter. Ancora Advisors LLC now owns 262,887 shares of the financial services provider's stock valued at $691,000 after acquiring an additional 55,888 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Seritage Growth Properties by 140.1% in the first quarter. Bank of America Corp DE now owns 52,025 shares of the financial services provider's stock valued at $146,000 after purchasing an additional 30,358 shares during the last quarter. 78.93% of the stock is currently owned by institutional investors and hedge funds.

About Seritage Growth Properties

Seritage Growth Properties NYSE: SRG is a real estate investment trust focused on owning, leasing and redeveloping retail and mixed-use properties. The company's portfolio has primarily consisted of former Sears and Kmart locations, many of which are being repositioned for new retail, office, residential, entertainment, hospitality and other commercial uses.

Seritage generally creates value by improving underutilized properties, adding new tenants and developing portions of its sites for alternative uses.

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