Site Centers (NYSE:SITC) Earns "Sell (D)" Rating from Weiss Ratings

Key Points

• Weiss Ratings has reissued a "Sell (D)" rating for Site Centers (NYSE:SITC), amidst mixed analyst opinions, with one "Buy", four "Hold", and another "Sell" rating from various analysts.
• Site Centers reported a 63.8% decline in revenue year-over-year for the recent quarter, with earnings per share meeting consensus estimates but falling short on revenue expectations.
• Institutional investors and hedge funds now control 88.70% of Site Centers' stock, indicating strong backing from the investment community despite its struggles.

Site Centers (NYSE:SITC - Get Free Report)'s stock had its "sell (d)" rating reissued by Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Several other analysts have also recently commented on the company. Piper Sandler restated an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. LADENBURG THALM/SH SH initiated coverage on Site Centers in a report on Tuesday, September 9th. They issued a "neutral" rating and a $10.00 price target on the stock. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $15.30.

Site Centers Price Performance

Shares of SITC stock traded up $0.06 during trading hours on Wednesday, hitting $8.64. 698,405 shares of the company's stock were exchanged, compared to its average volume of 1,206,183. The stock's 50-day moving average is $10.17 and its 200-day moving average is $11.28. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.74 and a quick ratio of 1.74. The stock has a market cap of $453.08 million, a price-to-earnings ratio of 1.28 and a beta of 1.39. Site Centers has a 52 week low of $8.44 and a 52 week high of $17.70.

Site Centers (NYSE:SITC - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $30.66 million for the quarter, compared to analysts' expectations of $33.10 million. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.The business's revenue for the quarter was down 63.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share. As a group, research analysts forecast that Site Centers will post 3.24 EPS for the current year.

Hedge Funds Weigh In On Site Centers

Several hedge funds have recently added to or reduced their stakes in the stock. Rush Island Management LP lifted its stake in Site Centers by 16.9% in the second quarter. Rush Island Management LP now owns 2,749,546 shares of the company's stock valued at $31,097,000 after buying an additional 398,094 shares during the period. Invesco Ltd. lifted its stake in Site Centers by 3.9% in the first quarter. Invesco Ltd. now owns 2,203,583 shares of the company's stock valued at $28,294,000 after buying an additional 82,469 shares during the period. Conversant Capital LLC lifted its stake in Site Centers by 506.4% in the first quarter. Conversant Capital LLC now owns 1,940,579 shares of the company's stock valued at $24,917,000 after buying an additional 1,620,579 shares during the period. Geode Capital Management LLC lifted its stake in Site Centers by 2.9% in the second quarter. Geode Capital Management LLC now owns 1,604,961 shares of the company's stock valued at $18,154,000 after buying an additional 44,716 shares during the period. Finally, Irenic Capital Management LP acquired a new position in Site Centers in the first quarter valued at about $18,911,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Site Centers Company Profile

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.

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