The stock of Extra Space Storage, Inc. (NYSE:EXR) gapped down by $0.16 today and has $73.00 target or 6.00% below today’s $77.66 share price. The 5 months technical chart setup indicates high risk for the $9.84 billion company. The gap down was reported on Oct, 4 by Barchart.com. If the $73.00 price target is reached, the company will be worth $590.40 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 2.20% or $1.75 on October 3, hitting $77.66. Extra Space Storage, Inc. (NYSE:EXR) has declined 7.81% since March 1, 2016 and is downtrending. It has underperformed by 20.03% the S&P500.
Analysts await Extra Space Storage, Inc. (NYSE:EXR) to report earnings on October, 26. They expect $0.99 earnings per share, up 22.22% or $0.18 from last year’s $0.81 per share. EXR’s profit will be $125.44 million for 19.61 P/E if the $0.99 EPS becomes a reality. After $0.94 actual earnings per share reported by Extra Space Storage, Inc. for the previous quarter, Wall Street now forecasts 5.32% EPS growth.
Extra Space Storage, Inc. (NYSE:EXR) Ratings Coverage
Out of 12 analysts covering Extra Space Storage Inc. (NYSE:EXR), 7 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 58% are positive. Extra Space Storage Inc. has been the topic of 22 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Wednesday, August 26 by Zacks. DA Davidson initiated Extra Space Storage, Inc. (NYSE:EXR) rating on Friday, June 24. DA Davidson has “Neutral” rating and $95 price target. As per Friday, September 4, the company rating was upgraded by Zacks. The rating was maintained by Jefferies with “Buy” on Wednesday, August 5. The rating was maintained by DA Davidson on Friday, July 29 with “Neutral”. As per Monday, December 7, the company rating was upgraded by KeyBanc Capital Markets. Jefferies maintained the shares of EXR in a report on Wednesday, August 10 with “Buy” rating. The firm earned “Outperform” rating on Friday, August 12 by Raymond James. The firm has “Hold” rating given on Tuesday, September 8 by Evercore. The rating was initiated by Robert W. Baird with “Outperform” on Thursday, July 23.
According to Zacks Investment Research, “Extra Space Storage Inc. is a fully integrated, self-administered and self-managed real estate investment trust that acquires, develops and operates self-storage facilities.”
Insitutional Activity: The institutional sentiment decreased to 1.11 in 2016 Q2. Its down 0.06, from 1.17 in 2016Q1. The ratio fall, as 36 funds sold all Extra Space Storage, Inc. shares owned while 132 reduced positions. 45 funds bought stakes while 141 increased positions. They now own 119.25 million shares or 2.90% less from 122.82 million shares in 2016Q1.
Stevens Management Limited Partnership accumulated 0.14% or 38,681 shares. Moreover, Dekabank Deutsche Girozentrale has 0% invested in Extra Space Storage, Inc. (NYSE:EXR) for 4,556 shares. Morgan Stanley holds 0.02% or 556,695 shares in its portfolio. Employees Retirement Of Texas, a Texas-based fund reported 7,000 shares. Telemus Capital holds 8,000 shares or 0.09% of its portfolio. Mutual Of America Cap Mgmt Ltd Llc last reported 0.04% of its portfolio in the stock. Principal Fincl Gru has invested 0.33% of its portfolio in Extra Space Storage, Inc. (NYSE:EXR). Glob X Mgmt Com Llc has 0% invested in the company for 969 shares. Cypress Capital Mngmt Ltd (Wy), a Wyoming-based fund reported 1,545 shares. Moreover, Janus Capital Mngmt Limited Liability has 0.15% invested in Extra Space Storage, Inc. (NYSE:EXR) for 1.93M shares. Standard Life Invs Limited reported 60,780 shares or 0.03% of all its holdings. Bancorp Of America De holds 0.01% or 589,131 shares in its portfolio. Teacher Retirement Systems Of Texas accumulated 60,497 shares or 0.04% of the stock. Fortaleza Asset Management Incorporated owns 20 shares or 0% of their US portfolio. Tokio Marine Asset Ltd has 4,583 shares for 0.04% of their US portfolio.
Insider Transactions: Since May 4, 2016, the stock had 0 buys, and 8 insider sales for $8.44 million net activity. On Friday, July 1 Kirk Spencer sold $1.83 million worth of the stock or 20,000 shares. Stubbs P Scott sold 6,250 shares worth $583,196. Shares for $623,217 were sold by Sondhi Samrat. McNeal Gwyn Goodson sold 500 shares worth $46,750. Shares for $152,104 were sold by KUNDE GRACE.
More notable recent Extra Space Storage, Inc. (NYSE:EXR) news were published by: Prnewswire.com which released: “Extra Space Storage Inc. Announces Date of Earnings Release and Conference …” on September 30, 2016, also Forbes.com with their article: “Extra Space Storage Enters Oversold Territory” published on August 03, 2016, Prnewswire.com published: “Extra Space Storage Inc. to Present at Bank of America Merrill Lynch 2016 …” on September 09, 2016. More interesting news about Extra Space Storage, Inc. (NYSE:EXR) were released by: Prnewswire.com and their article: “Extra Space Storage Announces Executive Leadership Transition” published on September 12, 2016 as well as Prnewswire.com‘s news article titled: “Extra Space Storage Inc. Reports 2016 Second Quarter Results” with publication date: July 27, 2016.
EXR Company Profile
Extra Space Storage Inc., incorporated on April 30, 2004, is a self-administered and self-managed real estate investment trust (REIT). The Firm operates through three divisions: rental operations; tenant reinsurance, and property management, acquisition and development. The Firm owns, operates, manages, acquires, develops and redevelops self-storage properties (stores). The Firm has interests in approximately 1000 operating stores. Of these stores, the Company owns approximately 270 stores in joint venture partnerships. An additional approximately 350 operating stores are owned by third parties and operated by the Company. The Company’s operating stores are located in over 30 states of the United States, Washington D.C. and Puerto Rico, and contains approximately 100 million square feet of net rentable space in approximately 896,000 units.
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