RAIT Financial Trust (RAS) Stock Price Down 10.5%

RAIT Financial Trust (NYSE:RAS) shares were down 10.5% during mid-day trading on Friday . The stock traded as low as $0.34 and last traded at $0.34. Approximately 9,123,000 shares changed hands during mid-day trading, an increase of 917% from the average daily volume of 896,762 shares. The stock had previously closed at $0.38.

Several research analysts have issued reports on RAS shares. Zacks Investment Research raised RAIT Financial Trust from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 1st. ValuEngine cut RAIT Financial Trust from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. B. Riley reaffirmed a “neutral” rating on shares of RAIT Financial Trust in a research note on Friday, November 3rd. Deutsche Bank decreased their price objective on RAIT Financial Trust from $2.75 to $1.60 and set a “hold” rating on the stock in a research note on Tuesday, August 15th. Finally, FBR & Co downgraded RAIT Financial Trust from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $3.00 to $1.25 in a research note on Tuesday, August 15th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $1.78.

The company has a debt-to-equity ratio of 8.39, a current ratio of 8.50 and a quick ratio of 8.50.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE raised its stake in shares of RAIT Financial Trust by 128.0% in the first quarter. Bank of America Corp DE now owns 32,861 shares of the real estate investment trust’s stock worth $105,000 after buying an additional 18,448 shares during the period. Tudor Investment Corp ET AL raised its stake in shares of RAIT Financial Trust by 112.8% in the second quarter. Tudor Investment Corp ET AL now owns 57,888 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 30,685 shares during the period. Voya Investment Management LLC raised its stake in shares of RAIT Financial Trust by 16.9% in the second quarter. Voya Investment Management LLC now owns 65,583 shares of the real estate investment trust’s stock worth $144,000 after buying an additional 9,472 shares during the period. Cubist Systematic Strategies LLC raised its stake in shares of RAIT Financial Trust by 153.3% in the second quarter. Cubist Systematic Strategies LLC now owns 77,390 shares of the real estate investment trust’s stock worth $169,000 after buying an additional 46,839 shares during the period. Finally, Wells Fargo & Company MN raised its stake in shares of RAIT Financial Trust by 23.1% in the second quarter. Wells Fargo & Company MN now owns 83,247 shares of the real estate investment trust’s stock worth $182,000 after buying an additional 15,616 shares during the period. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

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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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