Summit Industrial Income REIT (OTCMKTS:SMMCF – Get Rating) saw a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 608,100 shares, a decrease of 21.0% from the June 30th total of 769,500 shares. Based on an average daily volume of 100 shares, the short-interest ratio is presently 6,081.0 days.
Summit Industrial Income REIT Price Performance
OTCMKTS:SMMCF opened at $14.61 on Thursday. Summit Industrial Income REIT has a 12-month low of $12.42 and a 12-month high of $19.38. The firm has a 50-day moving average price of $13.73 and a 200 day moving average price of $15.73.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on SMMCF. Royal Bank of Canada reduced their price objective on Summit Industrial Income REIT from C$25.00 to C$24.00 in a research report on Monday, May 16th. Raymond James decreased their target price on shares of Summit Industrial Income REIT from C$25.00 to C$23.00 in a research note on Monday, May 16th. Scotiabank cut their price target on shares of Summit Industrial Income REIT from C$25.00 to C$22.00 in a report on Thursday, July 7th. Canaccord Genuity Group raised shares of Summit Industrial Income REIT from a “hold” rating to a “buy” rating in a report on Thursday, May 12th. Finally, TD Securities dropped their target price on shares of Summit Industrial Income REIT from C$25.00 to C$24.00 in a report on Thursday, May 12th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.83.
Summit Industrial Income REIT Company Profile
Summit Industrial Income REIT is an unincorporated open-end REIT 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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