SITE Centers Corp. (NYSE:SITC) Short Interest Up 62.6% in October

SITE Centers Corp. (NYSE:SITC) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 1,490,000 shares, an increase of 62.6% from the September 30th total of 916,500 shares. Currently, 3.1% of the company’s stock are sold short. Based on an average daily volume of 966,500 shares, the short-interest ratio is presently 1.5 days.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wells Fargo & Company downgraded SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Piper Sandler lifted their price objective on shares of SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Evercore ISI raised SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Finally, Compass Point reduced their target price on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $97.18.

Hedge Funds Weigh In On SITE Centers

Several institutional investors have recently made changes to their positions in the company. Long Pond Capital LP increased its stake in shares of SITE Centers by 403.8% in the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after purchasing an additional 4,644,142 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of SITE Centers by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock valued at $39,426,000 after buying an additional 31,529 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of SITE Centers by 13.5% in the first quarter. Principal Financial Group Inc. now owns 1,066,843 shares of the company’s stock valued at $15,629,000 after buying an additional 127,278 shares in the last quarter. APG Asset Management US Inc. raised its stake in shares of SITE Centers by 145.0% during the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after buying an additional 535,550 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of SITE Centers by 6.8% during the 2nd quarter. Renaissance Technologies LLC now owns 882,336 shares of the company’s stock valued at $12,794,000 after buying an additional 56,013 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

SITE Centers Stock Performance

SITC traded up $0.29 during midday trading on Tuesday, hitting $17.11. 1,018,315 shares of the company were exchanged, compared to its average volume of 630,638. The company’s 50 day simple moving average is $42.49 and its 200 day simple moving average is $164.27. The firm has a market capitalization of $896.15 million, a price-to-earnings ratio of 2.02 and a beta of 1.64. SITE Centers has a 1-year low of $16.27 and a 1-year high of $64.44. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 0.70.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share for the quarter, beating the consensus estimate of $3.84 by $13.92. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The company had revenue of $113.48 million during the quarter, compared to analysts’ expectations of $113.23 million. During the same period last year, the business earned $4.64 earnings per share. SITE Centers’s quarterly revenue was down 16.5% on a year-over-year basis. As a group, sell-side analysts predict that SITE Centers will post 3.39 earnings per share for the current year.

About SITE Centers

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.