Credit Suisse took its CoreSite Realty [COR] rating to the equivalent of Outperform from Neutral, and the price target to $161, in a research note dated 2021-01-06. That figure represents around a 35.21% premium from where the company’s shares closed on Tuesday. Some new analysts also started their coverage, with Mizuho’s analysts assigning the shares to “a Neutral” rating in a research note to investors issued in early December. Meanwhile, Raymond James had raised its rating on COR to “an Outperform” from the earlier “Mkt perform”, in a research note produced for clients August 06, 2020. In addition, Barclays launched coverage on July 15, 2020. The research firm rated COR “an Underweight”.
Is CoreSite Realty Corporation [NYSE:COR] a Good Buy Right Now?
It should be noted that COR technical indicators for short, intermediate as well as long term progress have placed an overall average of 16% as Sell. The average signal changed from 72% Buy in the last week and compares with 32% Buy in the past month. Data from CoreSite Realty Corporation’s Trend Spotter indicated that the signals were Bullish. The stock current average is 0.27 million shares in the past 20 days and the short term average signal indicates a 50% Sell. In the last 50 days, the average trading volume was 0.3 million shares while the medium term average advocated for 50% Buy. The average long-term signal stands at 50% Sell and the 100-day average volume stands at 0.29 million shares.
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COR Price Performance
On Wall Street, CoreSite Realty Corporation [NYSE:COR] finished Tuesday’s session down -1.92% at $119.15. The stock went up to $122.71 at the same session while its lowest single day price was $118.97. In the last five days, it saw a fall of about -4.90%, CoreSite Realty Corporation shares dropped by almost -4.89% since the beginning of the year. However, the share price has dropped to as low as -9.30% below its one year high. On 01/04/21, the company shares recorded $125.66, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/05/21, the same year at $118.97. The company’s shares have inclined by 6.59% in the past year. The 50-day SMA achieved is $123.44 while the 200-day SMA is $121.47. Volume dropped to 0.33 million from 0.34 million in the previous session.
CoreSite Realty Corporation [COR] Valuation Measures
Notably, CoreSite Realty Corporation [COR] stock cannot be classified as a good candidate in the listing of underestimated low-priced REIT – Office companies to purchase soonest possible with the prevailing 12-month PE ratio of 59.49. The measure means the stock is exchanging at a premium as compared to the 18.84x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 8.39 PS value ratio is reported for the last one year of reported earnings. That is higher than the industry average of 7.37 which means COR serve an unattractive investment opportunity compared to its competitors.
COR Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 117.84 level, and in case of violation of this particular level, it will cause more drop to 116.54 level. On the upper level, 124.02 is still the key resistance. The stock may increase to the subsequent resistance at 121.58. The Relative Strength Index (RSI) pinned on the 14-day chart is 39.83, implying a neutral technical stance while the MACD stands at -1.09, meaning price will decrease in the next trading period. Percent R indicator moved to 81.43%, implying bearish price movement. Stochastic %K at 46.59% suggest selling the stock.
What is the short interest in CoreSite Realty Corporation?
Short interest in the CoreSite Realty Corporation stock has plunged, decreasing by -0.27 million shares to total 0.84 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 0.57 million, data from Yahoo Finance shows. The increase of 32.08% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 2.54% of the overall float for the stock.
CoreSite Realty Corporation’s Biggest Shareholders: Who Owns CoreSite Realty Corporation [COR]?
Filings by The Vanguard Group, Inc. showed that the firm now holds a total of 5,514,993 shares or roughly 12.90% of the outstanding COR shares. This means their shares have increased by 156,945 from the 5,514,993 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, BlackRock Fund Advisors updated stake is worth $452,901,658. Details in the latest 13F filings reveal that Massachusetts Financial Services acquired their 21.51% stake valued at $295,173,703 while Principal Global Investors LLC cut theirs at $199,652,102. During the last quarter, Massachusetts Financial Services raised 416,766 of its shares in CoreSite Realty Corporation while Principal Global Investors LLC sold -11,394 shares. The Mairs & Power, Inc.’s holdings currently number 1,292,077 shares at $153950974.55. According to the firm’s last 13F report, Invesco Advisers, Inc. shares in the company at filing stood at 1,274,062 shares, roughly $159,754,634.
COR Earnings Forecast For The Current Quarter
CoreSite Realty Corporation [COR] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $153.58M and an earnings per share of $0.45 for Dec 2020. Looking further ahead, the company is expected to report revenue of $156.94M at an EPS of $0.46 for Mar 2021. The estimates represent upside of 8.00% and 2.71% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
COR Earnings Estimates For The Current Year
For the financial year, CoreSite Realty Corporation [NYSE:COR] is expected to bring in revenue of $605.9M. The returns are nearly $33.17 million higher than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, the estimate put it at 1.92, lower than that of FY19 by -$0.13. Estimates put this year’s earnings growth at -6.30%, 2.60% for the next, and at an annual 0.50% over the next 5-year period. As for sales, forecasts are for an increase of 5.80% in the current fiscal year and a further 8.00% over the following year.