InterRent Real Estate Investment Trust (TSE:IIP.UN) Stock Price Passes Above Fifty Day Moving Average – Here’s What Happened

InterRent Real Estate Investment Trust (TSE:IIP.UN)’s share price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$12.22 and traded as high as C$13.65. InterRent Real Estate Investment Trust shares last traded at C$13.57, with a volume of 551,570 shares changing hands.

Analyst Ratings Changes

IIP.UN has been the subject of several research analyst reports. Scotiabank reduced their target price on InterRent Real Estate Investment Trust from C$12.50 to C$12.25 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Royal Bank Of Canada downgraded shares of InterRent Real Estate Investment Trust from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from C$14.50 to C$13.55 in a research note on Monday, June 9th. Canaccord Genuity Group boosted their target price on shares of InterRent Real Estate Investment Trust from C$12.00 to C$12.50 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Raymond James Financial cut shares of InterRent Real Estate Investment Trust from an “outperform” rating to a “market perform” rating and increased their price target for the stock from C$13.25 to C$14.00 in a research report on Wednesday, May 28th. Finally, CIBC lifted their price target on InterRent Real Estate Investment Trust from C$13.50 to C$14.00 in a research note on Thursday, May 22nd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of C$13.29.

InterRent Real Estate Investment Trust Price Performance

The company has a market cap of C$2.01 billion, a PE ratio of -678.50 and a beta of 1.13. The stock has a fifty day moving average price of C$12.22 and a 200-day moving average price of C$10.91. The company has a debt-to-equity ratio of 63.59, a current ratio of 0.43 and a quick ratio of 0.04.

About InterRent Real Estate Investment Trust

InterRent Real Estate Investment Trust is an open-ended real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties. The company operations are carried out through the region of Canada.