Seritage Growth Properties (NYSE:SRG) Share Price Passes Below 200 Day Moving Average – Here’s Why

Seritage Growth Properties (NYSE:SRG) shares passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred 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 trading hands.

Analyst Ratings Changes

Several 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 lowered Seritage Growth Properties from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Seritage Growth Properties presently has a consensus rating of “Sell”.

Seritage Growth Properties Price Performance

The stock has a market capitalization of $146.74 million, a PE ratio of -1.81 and a beta of 2.19. The business’s 50-day moving average price is $2.63 and its 200 day moving average price is $2.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 18.47 and a current ratio of 18.47.

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

Hedge Funds Weigh In On Seritage Growth Properties

Several institutional investors and hedge funds have recently bought and sold shares of SRG. Barclays PLC increased its stake in shares of Seritage Growth Properties by 307.7% during the fourth quarter. Barclays PLC now owns 7,575 shares of the financial services provider’s stock valued at $25,000 after buying an additional 5,717 shares during the period. CIBC Asset Management Inc purchased a new stake in Seritage Growth Properties in the fourth quarter worth $34,000. Invesco Ltd. bought a new stake in Seritage Growth Properties in the second quarter valued at $60,000. Bank of America Corp DE boosted its holdings in Seritage Growth Properties by 725.6% in the third quarter. Bank of America Corp DE now owns 14,629 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 12,857 shares in the last quarter. Finally, Brevan Howard Capital Management LP increased its position in Seritage Growth Properties by 89.2% during the 2nd quarter. Brevan Howard Capital Management LP now owns 20,867 shares of the financial services provider’s stock valued at $64,000 after purchasing an additional 9,839 shares during the period. 78.93% of the stock is currently owned by institutional investors.

About Seritage Growth Properties

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.