Hudson Pacific Properties (NYSE:HPP) Hits New 52-Week Low – Here’s What Happened

Hudson Pacific Properties, Inc. (NYSE:HPP)’s stock price hit a new 52-week low during trading on Tuesday . The company traded as low as $4.26 and last traded at $4.28, with a volume of 28591 shares. The stock had previously closed at $4.33.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on HPP shares. Scotiabank lowered their price objective on shares of Hudson Pacific Properties from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research report on Monday, August 26th. BMO Capital Markets cut shares of Hudson Pacific Properties from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $8.00 to $6.00 in a research report on Thursday, August 8th. Piper Sandler cut shares of Hudson Pacific Properties from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $7.00 to $6.00 in a research report on Thursday, August 8th. Wells Fargo & Company dropped their target price on shares of Hudson Pacific Properties from $5.00 to $4.50 and set an “equal weight” rating for the company in a report on Wednesday, September 11th. Finally, Wolfe Research downgraded Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a report on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Hudson Pacific Properties has an average rating of “Hold” and a consensus price target of $6.94.

Hudson Pacific Properties Stock Up 1.7 %

The company’s fifty day simple moving average is $4.84 and its 200 day simple moving average is $5.08. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $608.33 million, a PE ratio of -2.69 and a beta of 1.31.

Hudson Pacific Properties (NYSE:HPP) last released its earnings results on Wednesday, August 7th. The real estate investment trust reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.50). The firm had revenue of $218.00 million during the quarter, compared to analysts’ expectations of $216.08 million. Hudson Pacific Properties had a negative net margin of 25.42% and a negative return on equity of 7.41%. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 EPS. Analysts anticipate that Hudson Pacific Properties, Inc. will post 0.57 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jonathan M. Glaser sold 9,287 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $5.20, for a total value of $48,292.40. Following the completion of the transaction, the director now directly owns 3,713 shares in the company, valued at $19,307.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Hudson Pacific Properties news, COO Andy Wattula sold 9,356 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $5.28, for a total value of $49,399.68. Following the sale, the chief operating officer now directly owns 61,068 shares of the company’s stock, valued at approximately $322,439.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jonathan M. Glaser sold 9,287 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $5.20, for a total value of $48,292.40. Following the completion of the sale, the director now directly owns 3,713 shares in the company, valued at approximately $19,307.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.95% of the company’s stock.

Hedge Funds Weigh In On Hudson Pacific Properties

A number of hedge funds have recently bought and sold shares of HPP. State Board of Administration of Florida Retirement System raised its holdings in Hudson Pacific Properties by 225.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 168,807 shares of the real estate investment trust’s stock worth $1,123,000 after buying an additional 116,945 shares during the last quarter. GSA Capital Partners LLP raised its holdings in Hudson Pacific Properties by 167.2% in the 1st quarter. GSA Capital Partners LLP now owns 302,179 shares of the real estate investment trust’s stock worth $1,949,000 after acquiring an additional 189,104 shares during the last quarter. Millennium Management LLC raised its holdings in Hudson Pacific Properties by 282.7% in the 2nd quarter. Millennium Management LLC now owns 1,786,692 shares of the real estate investment trust’s stock worth $8,594,000 after acquiring an additional 1,319,869 shares during the last quarter. Scion Asset Management LLC bought a new position in Hudson Pacific Properties in the 2nd quarter valued at approximately $5,505,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Hudson Pacific Properties by 405.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 309,272 shares of the real estate investment trust’s stock worth $1,995,000 after purchasing an additional 248,117 shares in the last quarter. Institutional investors own 97.58% of the company’s stock.

Hudson Pacific Properties Company Profile

Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific's unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space.