Shares of CubeSmart (NYSE:CUBE) traded today at $48.35, eclipsing its 52-week high. This new high was reached on approximately average trading volume as 646,000 shares traded hands, while the average 30-day volume is approximately 898,000 shares.
CubeSmart is a real estate investment trust that acquires, owns, and manages self-storage facilities throughout the United States. The company’s real estate portfolio is composed of buildings with numerous enclosed storage areas for both residential and commercial customers to rent mainly on a month-by-month basis. Most of CubeSmart’s facilities are located in Florida, Texas, California, New York, and Illinois. Cumulatively, these states account for both the majority of the square footage in the company’s real estate portfolio and the majority of its revenue. CubeSmart derives nearly all of its revenue from rental income from tenants utilizing its storage facilities.
Based on a current price of $48.04, CubeSmart is currently 3.5% above its average consensus analyst price target of $46.35.
In the past 52 weeks, shares of CubeSmart have traded between a low of $27.13 and a high of $48.35 and is now at $48.04, which is 77% above that low price.
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