Slate Office REIT (TSE:SOT.UN) Sets New 1-Year Low at $0.24

Slate Office REIT (TSE:SOT.UN) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as C$0.24 and last traded at C$0.26, with a volume of 308954 shares trading hands. The stock had previously closed at C$0.35.

Wall Street Analysts Forecast Growth

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

Slate Office REIT Trading Down 2.2 %

The stock has a market capitalization of C$18.01 million, a price-to-earnings ratio of -0.14 and a beta of 0.93. The company’s 50 day moving average is C$0.57 and its 200 day moving average is C$0.71. The company has a debt-to-equity ratio of 234.35, a quick ratio of 0.14 and a current ratio of 0.51.

Slate Office REIT Company Profile

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.