Short Interest in Summit Industrial Income REIT (OTCMKTS:SMMCF) Rises By 30.7%

Summit Industrial Income REIT (OTCMKTS:SMMCF) saw a large increase in short interest in September. As of September 30th, there was short interest totalling 1,840,400 shares, an increase of 30.7% from the September 15th total of 1,407,700 shares. Based on an average trading volume of 800 shares, the short-interest ratio is presently 2,300.5 days.

SMMCF has been the topic of a number of recent analyst reports. BMO Capital Markets upped their target price on shares of Summit Industrial Income REIT from $11.75 to $13.75 and gave the company an “outperform” rating in a research note on Monday, August 17th. Echelon Wealth Partners restated a “hold” rating and set a $13.00 price objective on shares of Summit Industrial Income REIT in a research note on Sunday. Royal Bank of Canada lifted their target price on Summit Industrial Income REIT from $13.00 to $13.50 and gave the stock a “sector perform” rating in a research report on Monday, October 5th. CIBC boosted their price target on Summit Industrial Income REIT from $11.25 to $12.75 and gave the company a “neutral” rating in a report on Thursday, August 13th. Finally, Scotiabank raised their price objective on Summit Industrial Income REIT from $12.00 to $13.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Summit Industrial Income REIT has an average rating of “Buy” and an average price target of $13.54.

SMMCF stock remained flat at $$9.61 during mid-day trading on Friday. The company’s stock had a trading volume of 2 shares, compared to its average volume of 1,406. The business has a 50 day moving average price of $9.30 and a 200-day moving average price of $8.16. Summit Industrial Income REIT has a 12 month low of $5.01 and a 12 month high of $10.51.

Summit Industrial Income REIT Company Profile

Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial and other properties across Canada. Summit II's units are listed on the TSX and trade under the symbol SMU.UN.

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