New York REIT (NYRT) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 5,520,658 to 4,984,717 shares, with 4 days to go before the expiry. The short open interest has decreased by -9.7%, amounting to a reduction of -535,941 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 3% of the float of the company. The average daily volume of the stock is 1,410,718 shares. The short interest information was released on Wednesday Aug 24th after the market close.
New York REIT (NYSE:NYRT): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $9.80 and $9.77 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $9.85. The buying momentum continued till the end and the stock did not give up its gains. It closed at $9.80, notching a gain of 0.10% for the day. The total traded volume was 978,826 . The stock had closed at $9.79 on the previous day.
In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director of New York Reit, Inc., Rowan Marc J, had purchased 99,418 shares in a transaction dated on October 6, 2015. The transaction was executed at $10.6 per share with total amount equaling $1,053,831.
New York REIT, Inc. is a real estate investment trust. The Company focuses on acquiring income-producing commercial real estate in New York City. The Company primarily focuses on office and retail properties located in Manhattan. Approximately 95.9% of the Companys properties are located in Manhattan, while approximately 3.8% is located in Brooklyn and approximately 0.3% in Queens. The Company owns approximately 24 properties and real estate-related assets located in New York City. The Companys properties aggregate approximately 3.4 million rentable square feet with an average occupancy of approximately 94.9% and an average remaining lease term of approximately 9.9 years. The Companys portfolio primarily consists of office and retail properties, representing approximately 82% and 9% of rentable square feet, respectively. The Company conducts most of its business through New York Recovery Operating Partnership, L.P.