Slate Office REIT (TSE:SOT.UN) Trading Down 5.9% – Here’s What Happened

Slate Office REIT (TSE:SOT.UN) shares traded down 5.9% during mid-day trading on Friday . The company traded as low as C$0.79 and last traded at C$0.80. 240,941 shares were traded during mid-day trading, an increase of 216% from the average session volume of 76,367 shares. The stock had previously closed at C$0.85.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SOT.UN. Royal Bank of Canada lowered Slate Office REIT from a “sector perform” rating to an “underperform” rating and lowered their target price for the stock from C$0.70 to C$0.30 in a research note on Wednesday, June 26th. TD Securities lowered Slate Office REIT from a “hold” rating to a “sell” rating and lowered their target price for the stock from C$0.75 to C$0.25 in a research note on Wednesday, June 26th. BMO Capital Markets lowered Slate Office REIT from a “sector perform” rating to an “underperform” rating and lowered their target price for the stock from C$0.70 to C$0.30 in a research note on Wednesday, June 26th. Finally, CIBC lowered Slate Office REIT from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 26th. Four analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of C$0.54.

Slate Office REIT Stock Down 8.2 %

The firm has a market cap of C$62.70 million, a PE ratio of -0.24 and a beta of 1.29. The stock has a 50-day simple moving average of C$0.38 and a two-hundred day simple moving average of C$0.49. The company has a quick ratio of 0.14, a current ratio of 0.47 and a debt-to-equity ratio of 329.26.

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.