Tuesday, November 28, 2017

Sun Communities Hits a New 52-Week High!

Sun Communities, Inc., the self-administered and self-managed real estate investment trust with a market cap of $7.45 billion, is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV) communities. As of December 31, 2016, the Real Estate Investment Trust (REIT) owned and operated or had an interest in a portfolio of properties located throughout the United States and Ontario, Canada, including 226 MH communities, 87 RV communities, and 28 properties containing both MH and RV sites.

Two days ago, on November 26, Sun Communities’ stock reached a new 52-week high! The 26th had the company’s share price at $93.89, still with a $96.71 target (or 3.0% growth). Should the $96.71 price target be reached, the company will be worth another $223.50 million on top of the current $7.45 billion. This is the time that positive momentum is shown and when buyers usually come in, making the 52-week high event a remarkable benchmark for every stock; however, fundamental investors are known to usually stay away and are careful shorting or selling stocks.

This morning (Nov 28) had the stock price starting at $93.51, then dropping as low as $92.34, and climbing back up to about $93.00 and again dropping to $92.68 where it’s currently at and projecting to rise again.

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