Short-term interest in Ready Capital Co. (NYSE:RC) drops 18.5%
Ready Capital Co. (NYSE: RC – Get a rating) saw a sharp decline in short-term interest in August. As of August 31, there was short interest totaling 2,420,000 shares, down 18.5% from the total of 2,970,000 shares as of August 15. Based on an average daily volume of 1,110,000 shares, the day-to-cover ratio is currently 2.2 days.
Analysts set new price targets
Several analysts have recently weighed in on RC stocks. B. Riley cut his price target on Ready Capital from $18.00 to $16.00 and set a “buy” rating on the stock in a Thursday, September 8 research note. Piper Sandler cut her price target on Ready Capital from $16.00 to $14.00 and set a “neutral” rating on the stock in a Tuesday, June 28 research note. JMP Securities cut its price target on Ready Capital from $18.00 to $16.00 and set a “market outperformance” rating on the stock in a Wednesday, August 31 research note. Finally, TheStreet upgraded Ready Capital from a “c” rating to a “b-” rating in a Monday, August 15 research note. Two analysts gave the stock a hold rating and three gave the stock a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.00.
Loan capital price performance
Ready Capital stock opened at $13.26 on Thursday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt ratio of 0.55. The company has a market capitalization of $1.52 billion, a PE ratio of 5.55 and a beta of 1.14. Ready Capital has a 12 month minimum of $11.05 and a 12 month maximum of $16.56. The stock has a 50-day moving average price of $13.30 and a 200-day moving average price of $13.98.
Insider Trading at Ready Capital
Separately, CFO Andrew Ahlborn sold 3,035 shares in a trade on Monday, August 29. The stock was sold at an average price of $13.80, for a total transaction of $41,883.00. Following the sale, the CFO now directly owns 51,430 shares of the company, valued at approximately $709,734. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC website. 1.64% of the shares are currently held by insiders.
Hedge funds weigh on loan capital
Major investors have recently been buying and selling shares of the company. Meeder Asset Management Inc. increased its position in Ready Capital by 86.7% in the second quarter. Meeder Asset Management Inc. now owns 2,533 shares of the real estate investment trust worth $30,000 after purchasing an additional 1,176 shares in the last quarter. Spire Wealth Management increased its position in shares of Ready Capital by 115.7% during the first quarter. Spire Wealth Management now owns 3,825 shares of the real estate investment trust worth $58,000 after acquiring 2,052 additional shares in the last quarter. Selective Wealth Management Inc. bought a new position in shares of Ready Capital during the first quarter worth approximately $63,000. KBC Group NV bought a new position in shares of Ready Capital during the second quarter for a value of approximately $65,000. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Ready Capital during the second quarter worth approximately $67,000. 56.17% of the shares are currently held by institutional investors.
Ready Capital Company Profile
Ready Capital Corporation operates as a real estate finance company in the United States. The Company acquires, originates, services, services and funds low-to-mid-balance commercial loans (SBCs), small business administration loans (SBAs), residential mortgage loans and mortgage-backed securities secured primarily by SBC loans or other real estate. investments.
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