Global Medical REIT Inc (GMRE) Downgraded by DA Davidson
DA Davidson lowered shares of Global Medical REIT Inc (NASDAQ:GMRE) from a buy rating to a neutral rating in a research note released on Tuesday morning, MarketBeat reports. The firm currently has $10.00 target price on the stock, down from their previous target price of $11.00.
Other equities research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Global Medical REIT from a hold rating to a buy rating and set a $10.00 price target for the company in a report on Wednesday, July 12th. TheStreet raised shares of Global Medical REIT from a d rating to a c- rating in a report on Monday, July 10th. Finally, FBR & Co reissued an outperform rating and issued a $10.00 price target on shares of Global Medical REIT in a report on Tuesday, July 11th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Global Medical REIT presently has an average rating of Buy and an average price target of $10.00.
Global Medical REIT (NASDAQ GMRE) opened at 8.79 on Tuesday. The company’s 50 day moving average is $9.04 and its 200 day moving average is $9.05. Global Medical REIT has a 52-week low of $6.73 and a 52-week high of $10.95.
Global Medical REIT (NASDAQ:GMRE) last issued its quarterly earnings results on Thursday, August 10th. The company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by $0.17. Global Medical REIT had a negative net margin of 8.39% and a negative return on equity of 1.53%. The business had revenue of $7.42 million during the quarter, compared to analyst estimates of $6.16 million. On average, equities research analysts forecast that Global Medical REIT will post ($0.11) earnings per share for the current year.
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In other news, Chairman Jeffrey Busch acquired 11,100 shares of Global Medical REIT stock in a transaction on Friday, June 30th. The stock was bought at an average cost of $9.00 per share, with a total value of $99,900.00. Following the completion of the purchase, the chairman now owns 20,110 shares of the company’s stock, valued at $180,990. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.
Hedge funds have recently bought and sold shares of the stock. Menta Capital LLC purchased a new stake in Global Medical REIT during the first quarter worth approximately $164,000. BB&T Securities LLC raised its stake in Global Medical REIT by 260.7% in the first quarter. BB&T Securities LLC now owns 53,739 shares of the company’s stock worth $487,000 after buying an additional 38,839 shares in the last quarter. Neuberger Berman Group LLC purchased a new stake in Global Medical REIT during the first quarter worth approximately $601,000. Rational Advisors LLC purchased a new stake in Global Medical REIT during the first quarter worth approximately $2,425,000. Finally, Parametric Portfolio Associates LLC raised its stake in Global Medical REIT by 24.0% in the first quarter. Parametric Portfolio Associates LLC now owns 26,529 shares of the company’s stock worth $241,000 after buying an additional 5,129 shares in the last quarter.
Global Medical REIT Company Profile
Global Medical REIT Inc focuses on operating as a real estate investment trust. The Company is engaged primarily in the acquisition and leasing of licensed purpose-built healthcare facilities in certain markets with various clinical operators. The Company seeks to invest in these purpose-built, specialized facilities, such as surgery centers, specialty hospitals and outpatient treatment centers.
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