CubeSmart (NYSE:CUBE) Sees Significant Growth in Short Interest

CubeSmart (NYSE:CUBE) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 7,310,000 shares, a growth of 5.5% from the September 30th total of 6,930,000 shares. Based on an average daily volume of 1,450,000 shares, the days-to-cover ratio is currently 5.0 days. Currently, 3.8% of the company’s shares are sold short.

In related news, CFO Timothy M. Martin sold 32,028 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $35.75, for a total value of $1,145,001.00. Following the completion of the transaction, the chief financial officer now directly owns 214,264 shares in the company, valued at approximately $7,659,938. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher P. Marr sold 79,888 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $36.15, for a total transaction of $2,887,951.20. Following the completion of the transaction, the chief executive officer now owns 403,687 shares of the company’s stock, valued at $14,593,285.05. The disclosure for this sale can be found here. Insiders sold a total of 129,707 shares of company stock valued at $4,669,870 over the last 90 days. Company insiders own 1.04% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Garrett Wealth Advisory Group LLC bought a new stake in CubeSmart during the 3rd quarter valued at about $27,000. Zions Bancorporation N.A. bought a new stake in CubeSmart during the 2nd quarter valued at about $32,000. NEXT Financial Group Inc increased its stake in CubeSmart by 190.0% during the 3rd quarter. NEXT Financial Group Inc now owns 1,450 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 950 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in CubeSmart during the 2nd quarter valued at about $51,000. Finally, Advisory Services Network LLC increased its stake in CubeSmart by 29.3% during the 2nd quarter. Advisory Services Network LLC now owns 1,939 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 439 shares in the last quarter. Institutional investors and hedge funds own 98.99% of the company’s stock.

NYSE:CUBE traded up $0.05 on Friday, reaching $31.23. 843,148 shares of the stock traded hands, compared to its average volume of 1,965,735. The company has a market capitalization of $6.04 billion, a price-to-earnings ratio of 19.04, a PEG ratio of 5.50 and a beta of 0.10. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 1.00. CubeSmart has a 12 month low of $27.97 and a 12 month high of $36.32. The company’s fifty day simple moving average is $33.39 and its 200 day simple moving average is $34.02.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, October 24th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.21). The firm had revenue of $166.55 million for the quarter, compared to the consensus estimate of $164.01 million. CubeSmart had a net margin of 28.58% and a return on equity of 9.98%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.43 earnings per share. Equities analysts anticipate that CubeSmart will post 1.68 EPS for the current fiscal year.

Several research analysts recently issued reports on the stock. ValuEngine lowered shares of CubeSmart from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research lowered shares of CubeSmart from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Cfra lowered shares of CubeSmart from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Robert W. Baird set a $35.00 price target on shares of CubeSmart and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Raymond James upgraded shares of CubeSmart from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $38.00 to $38.50 in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $35.50.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2019 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

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