Global Medical REIT (GMRE) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of Global Medical REIT (NYSE:GMRE) from a hold rating to a sell rating in a report released on Friday.

According to Zacks, “Global Medical REIT Inc. is engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to clinical operators. Global Medical REIT Inc. is based in Denver, United States. “

A number of other research analysts have also recently commented on GMRE. Boenning Scattergood reissued a hold rating on shares of Global Medical REIT in a report on Thursday, August 9th. B. Riley set a $11.00 target price on shares of Global Medical REIT and gave the stock a buy rating in a report on Friday, August 10th. Finally, Robert W. Baird initiated coverage on shares of Global Medical REIT in a report on Thursday, October 11th. They issued an outperform rating and a $11.00 target price for the company. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $10.50.

GMRE traded down $0.19 on Friday, hitting $9.28. 69,766 shares of the stock were exchanged, compared to its average volume of 61,792. Global Medical REIT has a 12 month low of $6.34 and a 12 month high of $10.05. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $205.73 million, a price-to-earnings ratio of 17.19, a P/E/G ratio of 1.27 and a beta of 0.51.

Global Medical REIT (NYSE:GMRE) last posted its quarterly earnings data on Monday, November 5th. The company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.22). Global Medical REIT had a return on equity of 2.65% and a net margin of 9.87%. The firm had revenue of $14.00 million for the quarter, compared to the consensus estimate of $14.34 million. Sell-side analysts anticipate that Global Medical REIT will post 0.8 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Global Medical REIT by 16.5% in the second quarter. BlackRock Inc. now owns 1,010,733 shares of the company’s stock valued at $8,955,000 after buying an additional 143,401 shares during the period. State of New Jersey Common Pension Fund D increased its stake in shares of Global Medical REIT by 27.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 428,000 shares of the company’s stock valued at $3,792,000 after buying an additional 93,000 shares during the period. Citadel Advisors LLC acquired a new position in shares of Global Medical REIT in the second quarter valued at approximately $194,000. RMR Advisors LLC increased its stake in shares of Global Medical REIT by 8.7% in the second quarter. RMR Advisors LLC now owns 437,967 shares of the company’s stock valued at $3,880,000 after buying an additional 35,126 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Global Medical REIT by 9.6% in the second quarter. Renaissance Technologies LLC now owns 172,900 shares of the company’s stock valued at $1,532,000 after buying an additional 15,200 shares during the period. 42.01% of the stock is owned by institutional investors.

Global Medical REIT Company Profile

Global Medical REIT, Inc operates as a development stage company that intends to develop and manage a portfolio of healthcare real estate assets and properties. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.

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