Slate Office REIT (TSE:SOT.UN) Trading Down 6.3%

Slate Office REIT (TSE:SOT.UN) fell 6.3% during mid-day trading on Tuesday . The stock traded as low as C$0.36 and last traded at C$0.37. 129,699 shares changed hands during mid-day trading, an increase of 119% from the average session volume of 59,227 shares. The stock had previously closed at C$0.40.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. CIBC lowered Slate Office REIT from a “neutral” rating to an “underperform” rating in a research report on Wednesday. Royal Bank of Canada cut Slate Office REIT from a “sector perform” rating to an “underperform” rating and dropped their price objective for the company from C$0.70 to C$0.30 in a report on Wednesday. Cormark reduced their target price on Slate Office REIT from C$0.80 to C$0.65 in a research note on Tuesday, May 7th. TD Securities lowered shares of Slate Office REIT from a “hold” rating to a “sell” rating and lowered their target price for the company from C$0.75 to C$0.25 in a research note on Wednesday. Finally, BMO Capital Markets cut shares of Slate Office REIT from a “sector perform” rating to an “underperform” rating and cut their price target for the stock from C$0.70 to C$0.30 in a report on Wednesday. Five analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of C$0.64.

Slate Office REIT Stock Down 34.3 %

The company has a debt-to-equity ratio of 234.35, a quick ratio of 0.14 and a current ratio of 0.51. The company has a fifty day simple moving average of C$0.58 and a two-hundred day simple moving average of C$0.72. The firm has a market capitalization of C$18.41 million, a PE ratio of -0.14 and a beta of 0.93.

About Slate Office REIT

Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 43 strategic and well-located real estate assets located primarily across Canada's major population centres including one downtown asset in Chicago, Illinois. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions.