Independence Realty Trust Inc (NYSE:IRT) saw a large growth in short interest in the month of December. As of December 29th, there was short interest totalling 3,259,742 shares, a growth of 55.4% from the December 15th total of 2,097,230 shares. Currently, 3.9% of the company’s shares are short sold. Based on an average daily trading volume, of 483,814 shares, the short-interest ratio is presently 6.7 days.
IRT has been the topic of several recent research reports. B. Riley restated a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Robert W. Baird reiterated a “buy” rating and issued a $11.00 target price on shares of Independence Realty Trust in a research note on Tuesday, October 17th. Zacks Investment Research upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, National Securities increased their target price on Independence Realty Trust from $9.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $11.33.
Independence Realty Trust (IRT) traded up $0.13 during mid-day trading on Friday, reaching $8.50. The company’s stock had a trading volume of 825,809 shares, compared to its average volume of 654,291. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.40 and a current ratio of 0.40. Independence Realty Trust has a twelve month low of $8.26 and a twelve month high of $10.63. The stock has a market capitalization of $709.91, a price-to-earnings ratio of -32.69 and a beta of 0.90.
Hedge funds have recently added to or reduced their stakes in the business. Loeb Partners Corp purchased a new stake in Independence Realty Trust in the third quarter worth $102,000. Oppenheimer Asset Management Inc. grew its position in shares of Independence Realty Trust by 147.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 6,056 shares in the last quarter. Advisor Group Inc. grew its position in shares of Independence Realty Trust by 76.8% during the 2nd quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock worth $102,000 after buying an additional 4,454 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Independence Realty Trust during the 3rd quarter worth $105,000. Finally, Profund Advisors LLC bought a new position in shares of Independence Realty Trust during the 2nd quarter worth $103,000. Institutional investors and hedge funds own 79.15% of the company’s stock.
About Independence Realty Trust
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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