EARN25

Extra Space Storage Stock Wavers After Downgrade

The equity is still up 3% in the last week

Deputy Editor
Apr 8, 2020 at 10:13 AM
facebook X logo linkedin


Extra Space Storage Inc (NYSE:EXR) is down 0.6% to trade at $96.89 this morning, following a downgrade from Raymond James. Their analyst in coverage, Jonathan Hughes, cited that the "risk/reward skews negatively," and moved EXR to "underperform" from "market perform."

Since a three-year low of $72.70 on March 23, Extra Space Storage stock has been moving up on the charts -- and on Monday toppled resistance at the 30-day moving average for the first time since early March. The equity is up 3% in the last week, though still down 8.4% year-to-date. 

Raymond James' downgrade reflects the overall analyst sentiment. Coming into today, six out of 10 analysts sported a lukewarm "hold," with three considering a "strong buy" and one at "strong sell." Meanwhile, the 12-month consensus price target of $104.3 is a slim 7% premium to current levels. 

Short interest has started falling off, down 9.7% in the last reporting period. The 5.71 million shares sold short still accounts for 4.5% of the stock's available float, and would take six days to cover at EXR's average pace of trading. This indicates bears remain firmly in control of the equity.

 

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!