Global Medical REIT Inc (GMRE) Hits New 1-Year Low at $9.52

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Global Medical REIT Inc (NASDAQ:GMRE)’s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $9.52 and last traded at $9.64, with a volume of 114,134 shares changing hands. The stock had previously closed at $10.12.
A number of brokerages have commented on GMRE. DA Davidson began coverage on Global Medical REIT in a report on Tuesday, July 26th. They set a “buy” rating and a $12.00 target price for the company. Oppenheimer Holdings Inc. assumed coverage on Global Medical REIT in a report on Monday, July 25th. They set an “outperform” rating and a $12.00 target price for the company. BB&T Corp. assumed coverage on Global Medical REIT in a research report on Monday, July 11th. They issued a “hold” rating and a $10.50 price target for the company. Wunderlich assumed coverage on Global Medical REIT in a research report on Monday, July 11th. They issued a “buy” rating and a $11.75 price target for the company. Finally, Compass Point assumed coverage on Global Medical REIT in a research report on Monday, July 11th. They issued a “buy” rating and a $12.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $11.65.
The stock’s 50 day moving average price is $10.72 and its 200-day moving average price is $10.60. The company’s market capitalization is $171.65 million.

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In other Global Medical REIT news, Chairman Jeffrey Busch acquired 9,000 shares of the stock in a transaction on Friday, July 1st. The shares were bought at an average price of $10.01 per share, with a total value of $90,090.00. Following the acquisition, the chairman now owns 9,000 shares of the company’s stock, valued at $90,090. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Zh Usa, Llc acquired 1,179,019 shares of the stock in a transaction on Friday, July 1st. The stock was acquired at an average cost of $12.75 per share, for a total transaction of $15,032,492.25. Following the acquisition, the insider now directly owns 2,604,500 shares in the company, valued at approximately $33,207,375. The disclosure for this purchase can be found here.
A number of large investors have recently made changes to their positions in the stock. Tygh Capital Management Inc. acquired a new stake in shares of Global Medical REIT during the second quarter worth $1,011,000. Manning & Napier Advisors LLC acquired a new stake in shares of Global Medical REIT during the second quarter worth $2,020,000. Fortaleza Asset Management Inc. acquired a new stake in shares of Global Medical REIT during the second quarter worth $123,000. State of New Jersey Common Pension Fund D acquired a new stake in shares of Global Medical REIT during the second quarter worth $2,022,000. Finally, Thompson Davis & CO. Inc. acquired a new stake in shares of Global Medical REIT during the second quarter worth $152,000.
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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