Summit Hotel Properties Inc (NYSE:INN)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $3.44, but opened at $3.55. Summit Hotel Properties shares last traded at $4.07, with a volume of 2,630,296 shares trading hands.
INN has been the topic of several recent research reports. Capital One Financial upgraded shares of Summit Hotel Properties from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $13.00 to $13.50 in a research report on Monday, January 13th. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Tuesday. Royal Bank of Canada reiterated a “buy” rating and set a $13.00 target price on shares of Summit Hotel Properties in a research report on Sunday, December 22nd. Finally, ValuEngine upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “sell” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Summit Hotel Properties has an average rating of “Hold” and a consensus price target of $13.63.
The stock has a market capitalization of $399.65 million, a price-to-earnings ratio of 6.36 and a beta of 1.87. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.82. The stock’s 50-day simple moving average is $6.57 and its 200 day simple moving average is $10.58.
Large investors have recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC boosted its position in Summit Hotel Properties by 28.4% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 17,080 shares of the real estate investment trust’s stock valued at $211,000 after buying an additional 3,780 shares in the last quarter. Trinity Legacy Partners LLC bought a new position in shares of Summit Hotel Properties in the fourth quarter worth about $180,000. State Street Corp raised its stake in shares of Summit Hotel Properties by 4.1% in the third quarter. State Street Corp now owns 5,954,222 shares of the real estate investment trust’s stock worth $69,069,000 after acquiring an additional 231,830 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Summit Hotel Properties by 17.5% in the fourth quarter. Jennison Associates LLC now owns 2,193,279 shares of the real estate investment trust’s stock worth $27,065,000 after acquiring an additional 326,068 shares during the last quarter. Finally, Great West Life Assurance Co. Can bought a new position in shares of Summit Hotel Properties in the fourth quarter worth about $2,505,000.
Summit Hotel Properties Company Profile (NYSE:INN)
Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.
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