Global Medical REIT Inc (GMRE) Posts Quarterly Earnings Results, Misses Estimates By $0.17 EPS
Global Medical REIT Inc (NASDAQ:GMRE) released its earnings results on Thursday. The company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.17, MarketWatch Earnings reports. The business had revenue of $7.42 million for the quarter, compared to analysts’ expectations of $6.16 million. Global Medical REIT had a negative net margin of 54.55% and a negative return on equity of 6.70%.
Shares of Global Medical REIT (GMRE) traded up 0.23% during trading on Friday, reaching $8.80. The company had a trading volume of 39,609 shares. Global Medical REIT has a 12 month low of $6.73 and a 12 month high of $11.24. The stock has a 50 day moving average price of $9.16 and a 200 day moving average price of $9.04.
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In other news, Chairman Jeffrey Busch acquired 11,100 shares of the firm’s stock in a transaction dated Friday, June 30th. The shares were bought at an average price of $9.00 per share, with a total value of $99,900.00. Following the acquisition, the chairman now owns 20,110 shares of the company’s stock, valued at $180,990. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Several hedge funds have recently made changes to their positions in GMRE. UBS Group AG raised its stake in shares of Global Medical REIT by 14.2% in the first quarter. UBS Group AG now owns 11,847 shares of the company’s stock valued at $108,000 after buying an additional 1,477 shares during the last quarter. Wedbush Securities Inc. raised its stake in shares of Global Medical REIT by 6.2% in the first quarter. Wedbush Securities Inc. now owns 14,500 shares of the company’s stock valued at $132,000 after buying an additional 849 shares during the last quarter. Spirit of America Management Corp NY raised its stake in shares of Global Medical REIT by 50.0% in the second quarter. Spirit of America Management Corp NY now owns 15,000 shares of the company’s stock valued at $134,000 after buying an additional 5,000 shares during the last quarter. Citadel Advisors LLC purchased a new stake in shares of Global Medical REIT during the first quarter valued at $137,000. Finally, Rhumbline Advisers raised its stake in shares of Global Medical REIT by 47.6% in the second quarter. Rhumbline Advisers now owns 17,699 shares of the company’s stock valued at $158,000 after buying an additional 5,710 shares during the last quarter.
Several research firms have recently commented on GMRE. TheStreet upgraded Global Medical REIT from a “d” rating to a “c-” rating in a research note on Monday, July 10th. Zacks Investment Research upgraded Global Medical REIT from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Wednesday, July 12th. Finally, FBR & Co reiterated an “outperform” rating and set a $10.00 target price on shares of Global Medical REIT in a research note on Tuesday, July 11th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $10.67.
About Global Medical REIT
Global Medical REIT Inc focuses on operating as a real estate investment trust. The Company is engaged primarily in the acquisition and leasing of licensed purpose-built healthcare facilities in certain markets with various clinical operators. The Company seeks to invest in these purpose-built, specialized facilities, such as surgery centers, specialty hospitals and outpatient treatment centers.
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