Summit Industrial Income REIT (OTCMKTS:SMMCF) Short Interest Down 27.9% in April

Summit Industrial Income REIT (OTCMKTS:SMMCF – Get Rating) was the target of a significant decrease in short interest during the month of April. As of April 30th, there was short interest totalling 376,800 shares, a decrease of 27.9% from the April 15th total of 522,900 shares. Based on an average daily volume of 300 shares, the short-interest ratio is presently 1,256.0 days.

Shares of SMMCF stock opened at $14.24 on Friday. Summit Industrial Income REIT has a fifty-two week low of $13.01 and a fifty-two week high of $19.38. The stock’s 50-day moving average is $16.85 and its two-hundred day moving average is $17.34.

Several brokerages have recently commented on SMMCF. Desjardins reduced their target price on Summit Industrial Income REIT from C$25.00 to C$24.00 in a report on Friday. TD Securities dropped their price target on Summit Industrial Income REIT from C$25.00 to C$24.00 in a research report on Thursday. Royal Bank of Canada dropped their price target on Summit Industrial Income REIT from C$25.50 to C$25.00 in a research report on Wednesday, February 23rd. Finally, Canaccord Genuity Group raised Summit Industrial Income REIT from a “hold” rating to a “buy” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Summit Industrial Income REIT has a consensus rating of “Buy” and a consensus target price of $24.50.

About Summit Industrial Income REIT (Get Rating)

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.

See Also