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Marcus & Millichap stock holds steady after sale of Hulen Pointe retail center
Marcus & Millichap announced the sale of Hulen Pointe, a 139,921-square-foot multi-tenant retail center in Fort Worth, Texas. The stock is little changed on the day, trading near $24.84.
Highlights
- Marcus & Millichap completed the sale of Hulen Pointe, a 139,921-square-foot multi-tenant retail center in Fort Worth, Texas.
- None of 6 analysts rate Marcus & Millichap stock a buy, 3 recommend selling, with a $28 median price target about 12.7% above current levels.
- The stock is little changed on the day, trading near $24.84.
Marcus & Millichap announced the sale of Hulen Pointe, a 139,921-square-foot multi-tenant retail center in Fort Worth, Texas. The sale was completed with Philip Levy representing the seller and procuring the buyer, according to Rallies. The company operates in real estate services, employs 854 people and carries a market value near $1.16 billion on trailing revenue of $812.2 million.
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Bearish daily structure holds as price nears oversold support
RSI at 32.1 is nearing oversold territory, suggesting the recent decline may be getting stretched. Shares of Marcus & Millichap remain below their MA-20, MA-50, and MA-200, keeping the daily chart structure bearish. The nearest support is the weekly low at $24.44, which is now in focus as the price action stays subdued.
Downside odds dominate as traders focus on $24.44 support test
To gauge whether the latest revenue event is being priced in, traders should watch for a close above $27.4 or a drop below $24.44. RSI approaching 32.1 points to selling pressure that is reaching levels where downside may start to be limited and stabilization could occur. Even so, over the next five trading days, the upside probability stands at 26% and downside probability at 74%, with an expected trading range of $23.18 to $26.49. A close above $27.4 would show buyers are willing to follow through, while a move below $24.44 would indicate sellers remain in control. On the weekly chart, the longer-term picture stays firmly negative.
Previously it was reported that Marcus & Millichap secured major project financing and continued to face a broadly bearish technical outlook. The latest sale of Hulen Pointe, while notable, does not alter the firm's prevailing negative chart structure, with the $24.44 weekly low remaining a pivotal level for traders to monitor.
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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