Seritage Growth Properties (NYSE:SRG) Stock Passes Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Seritage Growth Properties shares fell below their 200-day moving average on Tuesday, trading as low as $2.62 before last changing hands at $2.6550. The stock’s 200-day average is $2.88.
• Analyst sentiment remains weak, with the stock carrying a consensus rating of “Sell”. Recent moves included Wall Street Zen upgrading SRG from “strong sell” to “sell” and Weiss Ratings downgrading it slightly.
• The company reported negative recent results, including EPS of -$0.56 on just $2.05 million in quarterly revenue, while institutional ownership remains high at 78.93%.

Seritage Growth Properties (NYSE:SRG - Get Free Report) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.88 and traded as low as $2.62. Seritage Growth Properties shares last traded at $2.6550, with a volume of 85,443 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Seritage Growth Properties from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 4th. Weiss Ratings downgraded Seritage Growth Properties from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of "Sell".

Seritage Growth Properties Stock Performance

The company has a 50-day moving average of $2.63 and a 200-day moving average of $2.88. The firm has a market capitalization of $149.56 million, a price-to-earnings ratio of -1.84 and a beta of 2.19. The company has a current ratio of 18.47, a quick ratio of 18.47 and a debt-to-equity ratio of 0.16.

Seritage Growth Properties (NYSE:SRG - Get Free Report) last released its quarterly earnings data on Friday, May 15th. The financial services provider reported ($0.56) EPS for the quarter. Seritage Growth Properties had a negative return on equity of 23.03% and a negative net margin of 487.58%.The business had revenue of $2.05 million during the quarter.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE grew its position in shares of Seritage Growth Properties by 140.1% during the 1st quarter. Bank of America Corp DE now owns 52,025 shares of the financial services provider's stock valued at $146,000 after buying an additional 30,358 shares during the last quarter. RBF Capital LLC bought a new position in Seritage Growth Properties in the first quarter worth about $174,000. Towerview LLC lifted its holdings in Seritage Growth Properties by 28.7% in the first quarter. Towerview LLC now owns 1,030,000 shares of the financial services provider's stock worth $2,894,000 after acquiring an additional 230,000 shares during the last quarter. Creek Drive Management Group LLC acquired a new position in Seritage Growth Properties in the fourth quarter valued at approximately $1,421,000. Finally, XTX Topco Ltd acquired a new position in Seritage Growth Properties in the fourth quarter valued at approximately $87,000. 78.93% of the stock is owned by institutional investors and hedge funds.

Seritage Growth Properties Company Profile

Seritage Growth Properties is a publicly traded real estate investment trust (REIT) formed in 2015 as a spin-off from Sears Holdings. Headquartered in New York City, the company owns and operates a diversified portfolio of retail and mixed-use properties that were previously under the Sears and Kmart banners. Since its launch, Seritage has pursued a strategy of unlocking value through active asset management, redevelopment and strategic leasing.

The company's core business activities include the acquisition and redevelopment of retail properties, negotiation of long-term lease agreements with national and regional tenants, and selective disposition of non-core assets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.