Site Centers Corp. (NYSE:SITC) Short Interest Update

Key Points

• Short interest fell 15.4% in March to 3,596,811 shares (about 6.9% of shares sold short) with a short-interest ratio of 3.0 days.
• Quarterly results: Site Centers reported EPS of $2.55 versus a consensus of ($0.24)—a large beat—but revenue of $17.51M missed estimates of $22.39M; net margin was 156.72% and ROE 43.13%.
• Analyst sentiment is muted with a MarketBeat consensus of "Reduce" and an average target of $7.75; brokers recently cut/changed ratings (Piper Sandler lowered its target to $5.50, Weiss Ratings reaffirmed a sell) while the stock trades near $5.56 (market cap ~$291M, PE 1.65).

Site Centers Corp. (NYSE:SITC - Get Free Report) was the target of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totaling 3,596,811 shares, a decrease of 15.4% from the March 15th total of 4,253,276 shares. Based on an average daily trading volume, of 1,205,225 shares, the short-interest ratio is presently 3.0 days. Approximately 6.9% of the shares of the company are sold short.

Site Centers Trading Up 1.9%

Shares of Site Centers stock traded up $0.11 on Friday, reaching $5.56. 562,429 shares of the stock were exchanged, compared to its average volume of 804,637. Site Centers has a 1-year low of $5.24 and a 1-year high of $13.10. The business has a fifty day moving average price of $5.88 and a two-hundred day moving average price of $6.74. The firm has a market capitalization of $291.42 million, a PE ratio of 1.65 and a beta of 1.09.

Site Centers (NYSE:SITC - Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The company reported $2.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $2.79. Site Centers had a net margin of 156.72% and a return on equity of 43.13%. The business had revenue of $17.51 million for the quarter, compared to analyst estimates of $22.39 million. Research analysts expect that Site Centers will post 3.24 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on SITC. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Site Centers in a report on Friday, March 27th. Piper Sandler dropped their price target on shares of Site Centers from $6.50 to $5.50 and set a "neutral" rating on the stock in a research note on Wednesday, April 1st. Finally, Wall Street Zen upgraded shares of Site Centers from a "sell" rating to a "hold" rating in a research note on Saturday, March 7th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $7.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC grew its position in Site Centers by 176.0% during the first quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company's stock worth $12,217,000 after buying an additional 1,442,755 shares during the period. Aristides Capital LLC acquired a new position in Site Centers during the fourth quarter worth about $204,000. DGS Capital Management LLC acquired a new position in Site Centers during the fourth quarter worth about $143,000. Mercer Global Advisors Inc. ADV grew its position in Site Centers by 65.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 29,619 shares of the company's stock worth $190,000 after buying an additional 11,680 shares during the period. Finally, Rush Island Management LP grew its position in Site Centers by 19.8% during the fourth quarter. Rush Island Management LP now owns 3,989,634 shares of the company's stock worth $25,613,000 after buying an additional 659,269 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

About Site Centers

Site Centers NYSE: SITC is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of grocery-anchored shopping centers. The company's portfolio comprises open-air retail properties that primarily serve daily needs tenants and national retailers. By concentrating on neighborhood and community shopping centers, Site Centers aims to provide stable occupancy levels and resilient income streams driven by essential services such as supermarkets, pharmacies and convenient dining options.

Originally known as DDR Corp., the company rebranded as Site Centers in 2021 to emphasize its strategic focus on high-quality retail assets and long-term value creation.

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