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Marcus & Millichap Capital Corporation arranges $34 million financing for North Side Yard: Can MMI break above $26.02?
Marcus & Millichap Capital Corporation has arranged $34 million in financing for North Side Yard, a 213-unit multifamily project in Stevens Point, Wisconsin. Marcus & Millichap stock is down 6.7% on the day at $24.62.
Highlights
- Marcus & Millichap Capital Corporation arranged $34 million in financing for a 213-unit multifamily development with retail space in Stevens Point, Wisconsin.
- None of the 6 analysts covering Marcus & Millichap rate the stock a buy, with 3 recommending selling and a median price target of $28.
- Marcus & Millichap stock is down 6.7% on the day at $24.62, trading at an 85 trailing and 33.8 forward earnings multiple.
Marcus & Millichap Capital Corporation arranged $34 million in financing for North Side Yard. The project is a 213-unit multifamily property with ground-floor commercial space located in Stevens Point, Wisconsin. None of the six analysts covering Marcus & Millichap rate the stock a buy, with three recommending selling.
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Bearish trend holds as price sets new weekly low
Price broke under the prior weekly low at $26.02 and set a new low for the week. Shares of Marcus & Millichap are trading below their MA-20, MA-50, and MA-200, keeping the short-term structure firmly bearish. The RSI reading of 39.1 is nearing oversold territory, suggesting the latest decline is becoming stretched.
Downside strongly favored as close above $26.02 remains key
Traders should watch for a close above $26.02 to gauge whether buyers are willing to follow through. The price recently moved below this key weekly low and established a new weekly bottom. Even so, while the past week saw a sharp move lower without a sustained trend, the probabilities over the coming trading week skew to less than 20% for upside and more than 80% for downside, with an expected range between $22.72 and $26.51. A close above $26.02 would confirm acceptance of higher levels, while another drop below the recent range would show the move is being faded. On the weekly chart the longer-term picture stays firmly negative.
Previously it was reported that Marcus & Millichap completed the $26 million sale of Brookhaven Manor while technical indicators suggested a persistent bearish trend in the stock. The present downside extension following the North Side Yard financing underscores ongoing weakness, making a sustained rebound above $26.02 the key level to monitor for any potential shift from the prevailing negative outlook.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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