CubeSmart (NYSE:CUBE) Short Interest Update

CubeSmart (NYSE:CUBE) saw a significant increase in short interest in November. As of November 15th, there was short interest totalling 4,900,000 shares, an increase of 18.6% from the October 31st total of 4,130,000 shares. Based on an average daily trading volume, of 1,350,000 shares, the short-interest ratio is currently 3.6 days.

CubeSmart Stock Performance

Shares of CUBE opened at $49.11 on Tuesday. The company has a market cap of $11.11 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 13.91 and a beta of 0.84. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a 50-day moving average of $49.79 and a 200-day moving average of $48.12. CubeSmart has a one year low of $39.80 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.24). The company had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 EPS. As a group, equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Jefferies Financial Group increased their price target on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada decreased their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Evercore ISI increased their price target on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their price target for the company from $53.00 to $54.00 in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $51.36.

Institutional Trading of CubeSmart

Several hedge funds and other institutional investors have recently modified their holdings of CUBE. Whittier Trust Co. grew its stake in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 323 shares during the period. UMB Bank n.a. boosted its position in CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 444 shares during the last quarter. Peterson Financial Group Inc. purchased a new position in CubeSmart in the third quarter worth $33,000. Ashton Thomas Private Wealth LLC purchased a new position in CubeSmart in the second quarter worth $33,000. Finally, Brooklyn Investment Group purchased a new position in CubeSmart in the third quarter worth $59,000. Institutional investors own 97.61% of the company’s stock.

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, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.