Safestore (LON:SAFE) Stock Price Up 16.8% - Here's Why

Key Points

• Safestore Holdings Plc stock saw a significant increase, rising 16.8% to trade at GBX 764.50 ($10.20), following a closing price of GBX 654.50 ($8.73).
• Deutsche Bank has upgraded Safestore's rating to "buy" and raised the target price from GBX 770 to GBX 820, reflecting positive analyst sentiment.
• Company insider Simon Clinton purchased 4,656 shares at an average price of GBX 644, indicating confidence in the company’s future performance.

Safestore Holdings Plc (LON:SAFE - Get Free Report) rose 16.8% on Monday . The company traded as high as GBX 774.50 ($10.33) and last traded at GBX 764.50 ($10.20). Approximately 844,215 shares traded hands during trading, a decline of 33% from the average daily volume of 1,262,021 shares. The stock had previously closed at GBX 654.50 ($8.73).

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft raised shares of Safestore to a "buy" rating and lifted their target price for the stock from GBX 770 to GBX 820 in a research note on Friday, August 1st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of GBX 820.

Safestore Trading Up 15.0%

The company has a quick ratio of 0.90, a current ratio of 0.89 and a debt-to-equity ratio of 41.53. The stock has a market capitalization of £1.64 billion, a P/E ratio of 559.02, a P/E/G ratio of 2.05 and a beta of 0.86. The firm's 50 day simple moving average is GBX 649.02 and its two-hundred day simple moving average is GBX 643.12.

Insiders Place Their Bets

In related news, insider Simon Clinton purchased 4,656 shares of the firm's stock in a transaction on Tuesday, September 23rd. The stock was purchased at an average cost of GBX 644 per share, with a total value of £29,984.64. Company insiders own 7.87% of the company's stock.

Safestore Company Profile

Safestore is the UK's largest self storage group with 190 stores on 31 October 2023, comprising 133 wholly owned stores in the UK (including 73 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 29 wholly owned stores in the Paris region, 11 stores in Spain, 11 stores in the Netherlands and 6 stores in Belgium.

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