Site Centers (NYSE:SITC) Stock Price Breaks Below Fifty Day Moving Average - What's Next?

Key Points

• Site Centers shares fell sharply below their 50-day moving average of $3.18, trading as low as $0.59 and last changing hands at $0.669.
• Analyst sentiment is bearish: the stock has a consensus Sell rating and a $3.50 target price, with recent downgrades from Wall Street Zen and Zacks Research.
• Quarterly EPS of -$0.06 beat estimates of -$0.10, but revenue of $4.47 million fell short of the $5.70 million consensus. The company also paid a special dividend of $3.00 per share on November 5.

Site Centers Corp. (NYSE:SITC - Get Free Report) shares passed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $3.18 and traded as low as $0.59. Site Centers shares last traded at $0.6690, with a volume of 14,916,004 shares traded.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wall Street Zen downgraded Site Centers from a "hold" rating to a "sell" rating in a research note on Saturday. Piper Sandler decreased their target price on Site Centers from $5.00 to $3.50 and set a "neutral" rating on the stock in a research report on Tuesday, August 4th. Zacks Research cut shares of Site Centers from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 20th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Site Centers in a report on Monday, September 21st. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Site Centers presently has a consensus rating of "Sell" and a consensus target price of $3.50.

Site Centers Price Performance

The stock has a market capitalization of $35.10 million, a P/E ratio of 0.27 and a beta of 0.96. The company's 50 day simple moving average is $3.18 and its two-hundred day simple moving average is $4.62.

Site Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings results on Monday, November 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The business had revenue of $4.47 million during the quarter, compared to the consensus estimate of $5.70 million. Site Centers had a return on equity of 40.51% and a net margin of 334.85%.

Site Centers Dividend Announcement

The firm also recently declared a special dividend, which was paid on Thursday, November 5th. Shareholders of record on Tuesday, October 27th were given a dividend of $3.00 per share.

Institutional Investors Weigh In On Site Centers

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Site Centers in the 2nd quarter valued at approximately $20,004,000. Jefferies Financial Group Inc. bought a new position in Site Centers during the second quarter worth $7,222,000. Beverly Hills Private Wealth LLC acquired a new stake in shares of Site Centers during the 3rd quarter worth approximately $4,461,000. Kore Advisors LP acquired a new stake in Site Centers during the 1st quarter worth about $4,304,000. Finally, Bessemer Group Inc. grew its stake in shares of Site Centers by 315,970.1% in the 1st quarter. Bessemer Group Inc. now owns 635,301 shares of the company's stock worth $3,431,000 after acquiring an additional 635,100 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

About Site Centers

SITE Centers Corp. NYSE: SITC is a self-administered and self-managed real estate investment trust that owns, operates and leases open-air shopping centers in the United States. Its properties are generally located in suburban communities and are designed to serve everyday consumer needs.

The company's portfolio includes grocery-anchored and other multi-tenant retail centers occupied by a mix of national, regional and local retailers, restaurants, service providers and other consumer-focused businesses.

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