Slate Office REIT (TSE:SOT.UN) Hits New 1-Year Low Following Analyst Downgrade

Slate Office REIT (TSE:SOT.UN)’s share price hit a new 52-week low on Wednesday after TD Securities lowered their price target on the stock from C$0.80 to C$0.75. The stock traded as low as C$0.64 and last traded at C$0.67, with a volume of 58753 shares trading hands. The stock had previously closed at C$0.71.

Separately, Cormark raised Slate Office REIT from a “reduce” rating to a “market perform” rating in a research report on Friday, March 8th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of C$1.22.

Slate Office REIT Stock Performance

The firm has a fifty day simple moving average of C$0.76 and a 200 day simple moving average of C$0.86. The company has a current ratio of 0.56, a quick ratio of 0.14 and a debt-to-equity ratio of 229.55. The stock has a market cap of C$54.43 million, a price-to-earnings ratio of -0.48 and a beta of 0.94.

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.