RAIT Financial Trust (NYSE:RAS) shares rose 11.1% on Wednesday . The company traded as high as $0.21 and last traded at $0.20. Approximately 6,152,090 shares traded hands during mid-day trading, an increase of 123% from the average daily volume of 2,753,017 shares. The stock had previously closed at $0.18.
RAS has been the subject of a number of recent research reports. B. Riley set a $1.00 price objective on shares of RAIT Financial Trust and gave the company a “hold” rating in a research note on Wednesday, February 21st. ValuEngine lowered shares of RAIT Financial Trust from a “buy” rating to a “hold” rating in a research note on Saturday, January 13th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $1.59.
The company has a debt-to-equity ratio of 8.39, a current ratio of 16.83 and a quick ratio of 16.83.
A hedge fund recently raised its stake in RAIT Financial Trust stock. Millennium Management LLC raised its position in RAIT Financial Trust (NYSE:RAS) by 1,558.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,409,016 shares of the real estate investment trust’s stock after purchasing an additional 1,324,058 shares during the period. Millennium Management LLC owned 1.51% of RAIT Financial Trust worth $528,000 at the end of the most recent reporting period. 40.75% of the stock is owned by institutional investors and hedge funds.
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About RAIT Financial Trust
RAIT Financial Trust (RAIT) is a real estate investment trust (REIT). The Company focuses on providing commercial real estate (CRE) financing throughout the United States. The core of its business is a full service CRE lending platform focused on first lien loans. It offers customized lending solutions to meet borrower needs and internal credit goals.
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