Gladstone Land (NASDAQ:LAND) Given New $16.00 Price Target at Maxim Group

Gladstone Land (NASDAQ:LAND) had its target price reduced by analysts at Maxim Group from $19.00 to $16.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Maxim Group’s price target indicates a potential upside of 20.85% from the stock’s previous close.

Gladstone Land Price Performance

NASDAQ LAND traded up $0.02 during mid-day trading on Thursday, hitting $13.24. The stock had a trading volume of 84,279 shares, compared to its average volume of 196,757. The company has a 50 day simple moving average of $12.96 and a 200 day simple moving average of $13.66. The company has a market cap of $474.50 million, a price-to-earnings ratio of -49.19, a P/E/G ratio of 3.29 and a beta of 1.00. Gladstone Land has a 52-week low of $12.31 and a 52-week high of $17.48. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.80.

Institutional Trading of Gladstone Land

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in Gladstone Land during the third quarter worth approximately $212,000. Commonwealth Equity Services LLC grew its position in shares of Gladstone Land by 16.8% in the third quarter. Commonwealth Equity Services LLC now owns 41,784 shares of the real estate investment trust’s stock valued at $595,000 after purchasing an additional 6,013 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in Gladstone Land by 4.3% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 18,652 shares of the real estate investment trust’s stock worth $265,000 after buying an additional 766 shares during the period. Millburn Ridgefield Corp purchased a new position in shares of Gladstone Land during the 3rd quarter worth about $172,000. Finally, Schwarz Dygos Wheeler Investment Advisors LLC boosted its position in shares of Gladstone Land by 2.6% in the third quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 172,665 shares of the real estate investment trust’s stock worth $2,457,000 after acquiring an additional 4,416 shares during the last quarter. Hedge funds and other institutional investors own 53.60% of the company’s stock.

About Gladstone Land

Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 169 farms, comprised of approximately 116,000 acres in 15 different states and over 45,000 acre-feet of banked water in California, valued at a total of approximately $1.6 billion.