Extra Space Storage, Inc. (NYSE:EXR) saw a large decline in short interest in January. As of January 31st, there was short interest totalling 5,660,000 shares, a decline of 6.3% from the January 15th total of 6,040,000 shares. Currently, 4.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 928,600 shares, the days-to-cover ratio is currently 6.1 days.
A number of research analysts recently weighed in on EXR shares. Morgan Stanley lowered their target price on shares of Extra Space Storage from $105.00 to $94.00 and set an “underweight” rating on the stock in a research note on Tuesday, December 17th. JPMorgan Chase & Co. started coverage on shares of Extra Space Storage in a research note on Wednesday, January 22nd. They set a “neutral” rating and a $115.00 target price on the stock. Finally, Wells Fargo & Co lowered their target price on shares of Extra Space Storage from $130.00 to $117.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Extra Space Storage presently has an average rating of “Hold” and an average target price of $112.81.
EXR stock traded up $2.39 during mid-day trading on Friday, hitting $115.43. The company had a trading volume of 665,433 shares. Extra Space Storage has a 12-month low of $91.00 and a 12-month high of $124.46. The company has a 50-day moving average price of $109.13 and a 200 day moving average price of $112.05.
In related news, CMO James Overturf sold 833 shares of Extra Space Storage stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $111.52, for a total transaction of $92,896.16. Following the transaction, the chief marketing officer now owns 59,630 shares in the company, valued at approximately $6,649,937.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Byambasaikhan Bayanjargal 5,000,000 shares of Extra Space Storage stock in a transaction that occurred on Monday, November 25th. In the last 90 days, insiders have sold 15,190 shares of company stock worth $1,627,338. 3.29% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Garrett Wealth Advisory Group LLC purchased a new stake in Extra Space Storage in the 3rd quarter worth $34,000. TCI Wealth Advisors Inc. increased its holdings in shares of Extra Space Storage by 753.3% in the 4th quarter. TCI Wealth Advisors Inc. now owns 384 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 339 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Extra Space Storage by 39.0% in the 4th quarter. Signaturefd LLC now owns 449 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 126 shares during the last quarter. CSat Investment Advisory L.P. increased its holdings in shares of Extra Space Storage by 33.8% in the 4th quarter. CSat Investment Advisory L.P. now owns 519 shares of the real estate investment trust’s stock worth $54,000 after buying an additional 131 shares during the last quarter. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Extra Space Storage by 134.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 645 shares of the real estate investment trust’s stock worth $68,000 after buying an additional 370 shares during the last quarter. Institutional investors and hedge funds own 97.53% of the company’s stock.
About Extra Space Storage
Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2018, the Company owned and/or operated 1,647 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.2 million units and approximately 125.7 million square feet of rentable space.
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