Agree Realty Corporation (NYSE:ADC), one of Walmart's largest landlords, has been downgraded from a 'hold' rating to a 'sell' rating by equities research analysts at StockNews.com. This downgrade comes amidst mixed analyst ratings for the company. BNP Paribas lowered Agree Realty's rating from 'outperform' to 'neutral' and set a price target of $64.00. Wells Fargo & Company reduced their price target from $66.00 to $62.00 and maintained an 'overweight' rating. JMP Securities upgraded Agree Realty from 'market perform' to 'outperform' and set a price target of $71.00. Truist Financial also reduced their price target from $70.00 to $68.00 and maintained a 'buy' rating. Additionally, BMO Capital Markets initiated coverage on Agree Realty with an 'outperform' rating and a price target of $69.00. Overall, the company currently has an average rating of 'Moderate Buy' and a consensus target price of $65.61 [113c02b7].
Agree Realty's stock traded up $0.44 during trading on Friday, reaching $57.63. The company has a market capitalization of $5.79 billion, a price-to-earnings ratio of 33.70, and a beta of 0.52. It has a 52-week low of $52.69 and a 52-week high of $70.15. Agree Realty has a current ratio of 0.74 and a quick ratio of 0.74. The company's fifty-day moving average is $59.31, and its 200-day moving average is $58.79. Insiders have acquired 68,582 shares of company stock valued at $4,024,302 in the last three months, and corporate insiders own 1.60% of the company's stock. Large institutional investors hold 97.83% of the company's stock [113c02b7].
The downgrade of Agree Realty's rating to 'sell' by StockNews.com highlights a shift in sentiment towards the company. While other analysts have maintained positive ratings, the downgrade suggests a more cautious outlook. Investors should consider these mixed ratings and the potential impact on the stock's performance [113c02b7].