Site Centers (NYSE:SITC) Stock Price Crosses Below Fifty Day Moving Average – Here’s Why

Site Centers Corp. (NYSE:SITC) shares crossed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $3.18 and traded as low as $0.59. Site Centers shares last traded at $0.6690, with a volume of 14,916,004 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SITC. Wall Street Zen cut shares of Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a research report on Monday, September 21st. Zacks Research cut Site Centers from a “hold” rating to a “strong sell” rating in a report on Thursday, August 20th. Finally, Piper Sandler cut their target price on Site Centers from $5.00 to $3.50 and set a “neutral” rating on the stock in a research note on Tuesday, August 4th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Sell” and a consensus price target of $3.50.

Site Centers Price Performance

The firm’s 50-day simple moving average is $3.18 and its two-hundred day simple moving average is $4.62. The company has a market capitalization of $35.10 million, a price-to-earnings ratio of 0.27 and a beta of 0.96.

Site Centers (NYSE:SITC) last announced its quarterly earnings results on Monday, November 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. Site Centers had a return on equity of 40.51% and a net margin of 334.85%. The business had revenue of $4.47 million for the quarter, compared to the consensus estimate of $5.70 million.

Site Centers Dividend Announcement

The company also recently declared a special dividend, which was paid on Thursday, November 5th. Stockholders of record on Tuesday, October 27th were issued a dividend of $3.00 per share.

Institutional Trading of Site Centers

Large investors have recently modified their holdings of the business. Rush Island Management LP lifted its position in Site Centers by 11.4% during the first quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock valued at $24,007,000 after purchasing an additional 456,032 shares during the period. BlackRock Inc. purchased a new position in Site Centers during the 2nd quarter valued at about $20,004,000. Jefferies Financial Group Inc. purchased a new stake in shares of Site Centers in the 2nd quarter valued at about $7,222,000. Beverly Hills Private Wealth LLC purchased a new stake in shares of Site Centers during the 3rd quarter worth approximately $4,461,000. Finally, Kore Advisors LP acquired a new stake in Site Centers in the first quarter valued at approximately $4,304,000. Institutional investors own 88.70% of the company’s stock.

About Site Centers

SITE Centers Corp. (NYSE: SITC) is a self-administered and self-managed real estate investment trust that owns, operates and leases open-air shopping centers in the United States. Its properties are generally located in suburban communities and are designed to serve everyday consumer needs.

The company’s portfolio includes grocery-anchored and other multi-tenant retail centers occupied by a mix of national, regional and local retailers, restaurants, service providers and other consumer-focused businesses.