Summit Hotel Properties (NYSE:INN) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Summit Hotel Properties (NYSE:INN) from Hold to Strong-Buy, signaling improved analyst sentiment on the REIT.
• Despite the upgrade, the broader analyst view remains mixed: MarketBeat shows an average rating of Hold with an average price target of $5.40, while Raymond James reiterated an Outperform rating and a $7.00 target.
• The stock recently traded near $6.92 and the company reported quarterly earnings that beat estimates, posting ($0.10) EPS versus ($0.12) expected, on revenue of $185.05 million.

Summit Hotel Properties (NYSE:INN - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on INN. Raymond James Financial restated an "outperform" rating and set a $7.00 price target on shares of Summit Hotel Properties in a research note on Monday, June 8th. Weiss Ratings raised shares of Summit Hotel Properties from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $5.40.

Summit Hotel Properties Stock Performance

Shares of INN opened at $6.92 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.16. The firm has a market cap of $749.53 million, a PE ratio of -23.85 and a beta of 1.26. Summit Hotel Properties has a 12 month low of $3.97 and a 12 month high of $7.14. The stock has a fifty day moving average price of $6.31 and a 200-day moving average price of $5.21.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its earnings results on Thursday, April 30th. The real estate investment trust reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. Summit Hotel Properties had a negative return on equity of 1.03% and a negative net margin of 1.75%.The firm had revenue of $185.05 million for the quarter, compared to the consensus estimate of $180.51 million. Summit Hotel Properties has set its FY 2026 guidance at 0.750-0.850 EPS. Equities research analysts predict that Summit Hotel Properties will post 0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Hotel Properties

Several hedge funds have recently made changes to their positions in INN. Quantinno Capital Management LP raised its stake in Summit Hotel Properties by 40.8% in the 1st quarter. Quantinno Capital Management LP now owns 204,482 shares of the real estate investment trust's stock worth $904,000 after acquiring an additional 59,220 shares during the last quarter. SummitTX Capital L.P. purchased a new stake in Summit Hotel Properties during the 1st quarter valued at about $57,000. Weiss Asset Management LP acquired a new position in shares of Summit Hotel Properties in the first quarter valued at about $510,000. Renaissance Technologies LLC acquired a new position in shares of Summit Hotel Properties in the first quarter valued at about $69,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Summit Hotel Properties in the first quarter valued at about $8,624,000. 96.47% of the stock is owned by institutional investors and hedge funds.

About Summit Hotel Properties

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company's portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.

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.