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

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Zacks Investment Research lowered shares of Global Medical REIT (NYSE:GMRE) from a hold rating to a sell rating in a research note issued to investors 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. “

Several other equities analysts also recently commented on GMRE. Boenning Scattergood upgraded shares of Global Medical REIT from a neutral rating to a buy rating and set a $11.00 price objective on the stock in a report on Wednesday. Robert W. Baird began coverage on shares of Global Medical REIT in a report on Thursday, October 11th. They issued an outperform rating and a $11.00 price objective on the stock. Finally, B. Riley set a $11.00 price objective on shares of Global Medical REIT and gave the company a buy rating in a report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $10.50.

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

Global Medical REIT (NYSE:GMRE) last issued its earnings results on Monday, November 5th. The company reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.22). The firm had revenue of $14.00 million for the quarter, compared to analyst estimates of $14.34 million. Global Medical REIT had a return on equity of 2.65% and a net margin of 9.87%. As a group, research analysts forecast that Global Medical REIT will post 0.8 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in GMRE. BlackRock Inc. grew its stake in shares of Global Medical REIT by 4.3% in the first quarter. BlackRock Inc. now owns 867,332 shares of the company’s stock valued at $6,027,000 after acquiring an additional 35,430 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Global Medical REIT by 77.6% in the first quarter. Dimensional Fund Advisors LP now owns 57,936 shares of the company’s stock valued at $403,000 after acquiring an additional 25,321 shares in the last quarter. Millennium Management LLC grew its stake in shares of Global Medical REIT by 370.7% in the first quarter. Millennium Management LLC now owns 229,150 shares of the company’s stock valued at $1,593,000 after acquiring an additional 180,465 shares in the last quarter. RMR Advisors LLC grew 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 acquiring an additional 35,126 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew 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 acquiring an additional 93,000 shares in the last quarter. Institutional investors and hedge funds own 42.01% of the company’s stock.

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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