Mainstreet Equity (TSE:MEQ) Share Price Breaks Below Two Hundred Day Moving Average – Here’s Why

Mainstreet Equity Corp. (TSE:MEQ) shares crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of C$171.85 and traded as low as C$165.92. Mainstreet Equity shares last traded at C$165.92, with a volume of 7,897 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MEQ. ATB Cormark Capital Markets dropped their target price on shares of Mainstreet Equity from C$245.00 to C$225.00 and set an “outperform” rating on the stock in a research report on Monday, June 22nd. Canadian Imperial Bank of Commerce set a C$210.00 price target on shares of Mainstreet Equity and gave the company a “neutral” rating in a report on Tuesday, July 14th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Mainstreet Equity presently has a consensus rating of “Moderate Buy” and a consensus target price of C$227.67.

Mainstreet Equity Price Performance

The stock has a 50-day simple moving average of C$168.01 and a 200 day simple moving average of C$171.75. The company has a debt-to-equity ratio of 95.85, a quick ratio of 0.81 and a current ratio of 0.65. The company has a market cap of C$1.54 billion, a P/E ratio of 8.86 and a beta of 0.79.

Mainstreet Equity (TSE:MEQ) last released its quarterly earnings data on Wednesday, August 5th. The company reported C$3.64 earnings per share (EPS) for the quarter. The business had revenue of C$73.17 million for the quarter. Mainstreet Equity had a return on equity of 9.49% and a net margin of 60.99%. On average, equities analysts expect that Mainstreet Equity Corp. will post 8.1910619 EPS for the current year.

About Mainstreet Equity

Mainstreet Equity Corp. (“Mainstreet”) is a Calgary-based real estate operating company, traded on the Toronto Stock Exchange (TSX: MEQ). Mainstreet is a top provider of high-quality, affordable multi-family rental units in western Canada, covering BC, AB, SK, and MB, with year-to-date holdings of over 19,100 units. The company’s long-term value is anchored by a counter-cyclical strategy to aggressively acquire undervalued units at distressed prices, using low-cost capital. Once acquired, Mainstreet rapidly stabilizes the assets to minimize cycle times and boost net operating income.