Veris Residential Inc. (NYSE:VRE) saw an upside of 0.17% to close Friday at $18.17 after adding $0.03 on the day. The 5-day average trading volume is 575,140 shares of the company’s common stock. It has gained $18.42 in the past week and touched a new high 2 times within the past 5 days. An average of 622,370 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 600,668.
VRE’s 1-month performance is 7.13% or $1.55 on its low of $16.23 reached on 07/26/23. The company’s shares have touched a 52-week low of $10.22 and high of $18.96, with the stock’s rally to the 52-week high happening on 07/27/23. YTD, VRE has achieved 14.06% or $2.24 and has reached a new high 8 times. However, the current price is down -4.17% from the 52-week high price.
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Valuation Metrics
VRE stock has a beta of 1.14. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 5.33 while the price-to-book (PB) in the most recent quarter is 1.39.
As well, the company’s long term debt to equity for the quarter ending June 29 was 1.52, while the total debt to equity was 1.52. In terms of profitability, the gross margin trailing 12 months is 54.20%. The firm’s gross profit as reported stood at -$81.65 million against revenue of $355.02 million.
Earnings Surprise
For the quarterly period ending June 29 this year, Net income and sales went up compared to those figures reported in the previous quarter. Net income grew 196.14% to -$27.43 million, while revenue of -$19.97 million was 27.2% off the previous quarter. Analysts expected VRE to announce -$0.13 per share in earnings in its latest quarter, but it posted -$0.3, representing a -130.80% surprise. EBITDA for the quarter stood at more than $31.07 million. Shareholders hold equity totaling $92.06 million.
Let’s look briefly at Veris Residential Inc. (VRE) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 18 August was 54.23% to suggest the stock is trending Neutral, with historical volatility in this time period at 17.99%.
The stock’s 5-day moving average is $18.06, reflecting a -1.73% or -$0.32 change from its current price. VRE is currently trading +6.51% above its 20-day SMA, +32.43% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +5.33% and SMA200 by+14.78%.
Stochastic %K and %D was 31.88% and 31.66% and the average true range (ATR) pointed at 0.40. The RSI (14) points at 57.08%, while the 14-day stochastic is at 40.00% with the period’s ATR at 0.42. The stock’s 9-day MACD Oscillator is pointing at -0.11 and -0.23 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Veris Residential Inc. (NYSE: VRE), Evercore ISI upgraded it to an Outperform rating. They previously had an In-line rating on the stock. Analysts offering their rating for VRE stock have a consensus rating for the stock as Overweight. Currently, 0 brokerage advisors rate VRE as a “sell,”, while 3 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 0 rates the stock as overweight while 2 have offered a “buy” rating.
What is VRE’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $16.00 and a high of $26.00, with their median price target at $19.00. Looking at these predictions, the average price target given by analysts is for Veris Residential Inc. (VRE) stock is $19.80.
