Stock Track | BrightSpire Capital Soars 6.73% After Beating Q2 Earnings Estimates

Stock Track
31 Jul

BrightSpire Capital, Inc. (BRSP) stock is soaring 6.73% in Wednesday's intraday trading session following the release of its second-quarter earnings report. The company's results exceeded analyst expectations, driving investor optimism and pushing the stock higher.

The real estate investment trust reported adjusted earnings of 18 cents per share for the quarter ended June 30, surpassing the mean expectation of 16 cents per share from seven analysts. While this represents a decrease from the 22 cents per share reported in the same quarter last year, it still managed to beat the Wall Street consensus estimate ranging from 15 to 17 cents per share. However, revenue fell 33.8% to $16.73 million, slightly below the analysts' expectation of $16.79 million.

Despite the positive reaction to the earnings beat, BrightSpire Capital faces some challenges. The company reported a quarterly loss of $23.12 million, with a reported EPS loss of 19 cents. Additionally, BrightSpire's shares had fallen by 1.4% this quarter and lost 11.7% year-to-date prior to this earnings release. Looking forward, analysts maintain a cautious stance, with the current average rating on the shares being "hold". However, Wall Street's median 12-month price target for BrightSpire Capital is $6.50, suggesting a potential upside of about 23.4% from its last closing price of $4.98.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10