Hudson Pacific Properties (NYSE:HPP) Shares Down 4.7% – Here’s What Happened

Shares of Hudson Pacific Properties, Inc. (NYSE:HPP) dropped 4.7% during mid-day trading on Friday . The stock traded as low as $4.43 and last traded at $4.43. Approximately 586,408 shares traded hands during trading, a decline of 75% from the average daily volume of 2,382,333 shares. The stock had previously closed at $4.65.

Wall Street Analysts Forecast Growth

HPP has been the subject of several research reports. BMO Capital Markets lowered Hudson Pacific Properties from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $8.00 to $6.00 in a report on Thursday, August 8th. Wolfe Research cut shares of Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a report on Wednesday, August 14th. Morgan Stanley cut shares of Hudson Pacific Properties from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $6.00 to $4.25 in a research note on Wednesday, July 10th. The Goldman Sachs Group reduced their target price on Hudson Pacific Properties from $6.50 to $4.70 and set a “neutral” rating for the company in a research report on Wednesday, August 14th. Finally, Piper Sandler lowered shares of Hudson Pacific Properties from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $7.00 to $6.00 in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Hudson Pacific Properties currently has an average rating of “Hold” and an average target price of $6.94.

Hudson Pacific Properties Stock Down 4.7 %

The stock’s 50 day simple moving average is $4.89 and its two-hundred day simple moving average is $5.14. The firm has a market cap of $625.27 million, a P/E ratio of -2.91 and a beta of 1.31. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.47 and a quick ratio of 1.47.

Hudson Pacific Properties (NYSE:HPP) last announced its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported ($0.33) earnings per share (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 the consensus estimate of $216.08 million. Hudson Pacific Properties had a negative return on equity of 7.41% and a negative net margin of 25.42%. The business’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.24 EPS. As a group, research analysts forecast that Hudson Pacific Properties, Inc. will post 0.57 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Andy Wattula sold 9,356 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $5.28, for a total transaction of $49,399.68. Following the completion of the transaction, the chief operating officer now directly owns 61,068 shares of the company’s stock, valued at approximately $322,439.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Andy Wattula sold 9,356 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 61,068 shares of the company’s stock, valued at $322,439.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jonathan M. Glaser sold 9,287 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 3,713 shares of the company’s stock, valued at $19,307.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.95% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hudson Pacific Properties

Institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its position in shares of Hudson Pacific Properties by 282.7% during 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 buying an additional 1,319,869 shares in the last quarter. Scion Asset Management LLC acquired a new stake in Hudson Pacific Properties in the second quarter valued at approximately $5,505,000. Davis Selected Advisers grew its holdings in Hudson Pacific Properties by 78.0% in the second quarter. Davis Selected Advisers now owns 1,224,493 shares of the real estate investment trust’s stock worth $5,890,000 after purchasing an additional 536,540 shares during the last quarter. Kennedy Capital Management LLC increased its position in shares of Hudson Pacific Properties by 50.6% during the first quarter. Kennedy Capital Management LLC now owns 1,240,292 shares of the real estate investment trust’s stock worth $8,000,000 after purchasing an additional 416,591 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Hudson Pacific Properties by 1,132.6% during the 2nd quarter. Marshall Wace LLP now owns 363,048 shares of the real estate investment trust’s stock valued at $1,746,000 after purchasing an additional 333,594 shares during the last quarter. 97.58% of the stock is owned by hedge funds and other institutional investors.

About Hudson Pacific Properties

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.