Global Medical REIT Inc (NYSE:GMRE) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 421,200 shares, a decline of 12.5% from the September 30th total of 481,100 shares. Currently, 1.3% of the company’s stock are short sold. Based on an average daily volume of 218,400 shares, the days-to-cover ratio is presently 1.9 days.
In related news, Director Ronald Marston purchased 3,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were purchased at an average cost of $10.70 per share, with a total value of $32,100.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 11.70% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in GMRE. BlackRock Inc. lifted its position in Global Medical REIT by 68.8% in the 2nd quarter. BlackRock Inc. now owns 2,225,649 shares of the company’s stock valued at $23,368,000 after acquiring an additional 907,360 shares in the last quarter. Wells Fargo & Company MN raised its stake in Global Medical REIT by 439.1% during the 2nd quarter. Wells Fargo & Company MN now owns 603,779 shares of the company’s stock valued at $6,340,000 after buying an additional 491,778 shares during the last quarter. Foundry Partners LLC purchased a new stake in Global Medical REIT during the 3rd quarter valued at $5,186,000. Nuveen Asset Management LLC purchased a new stake in Global Medical REIT during the 2nd quarter valued at $4,171,000. Finally, Vanguard Group Inc. raised its stake in Global Medical REIT by 22.7% during the 2nd quarter. Vanguard Group Inc. now owns 1,974,041 shares of the company’s stock valued at $20,727,000 after buying an additional 364,967 shares during the last quarter. 47.77% of the stock is currently owned by institutional investors and hedge funds.
GMRE stock traded up $0.11 during midday trading on Friday, hitting $13.04. The company’s stock had a trading volume of 222,700 shares, compared to its average volume of 228,746. The company has a market cap of $455.01 million, a PE ratio of 16.72 and a beta of 0.40. Global Medical REIT has a 12 month low of $8.15 and a 12 month high of $13.00. The company has a current ratio of 0.13, a quick ratio of 0.14 and a debt-to-equity ratio of 1.25. The firm’s 50-day moving average is $11.85 and its 200-day moving average is $11.00.
Global Medical REIT (NYSE:GMRE) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.17). The business had revenue of $18.20 million during the quarter, compared to the consensus estimate of $17.68 million. Global Medical REIT had a net margin of 23.42% and a return on equity of 5.49%. Analysts expect that Global Medical REIT will post 0.75 earnings per share for the current year.
Several equities analysts recently issued reports on the company. Zacks Investment Research cut Global Medical REIT from a “buy” rating to a “hold” rating in a research report on Saturday, November 9th. Stifel Nicolaus upped their price objective on Global Medical REIT from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. ValuEngine cut Global Medical REIT from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, TheStreet raised Global Medical REIT from a “c+” rating to a “b-” rating in a research report on Monday, October 14th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $11.21.
About Global Medical REIT
Global Medical REIT, Inc engages in the acquisition of purpose-built healthcare facilities and leasing of those properties to strong healthcare systems and physician groups. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.
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