Slate Office REIT (TSE:SOT.UN) Share Price Crosses Above 50 Day Moving Average of $0.34

Slate Office REIT (TSE:SOT.UN) shares crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$0.34 and traded as high as C$0.37. Slate Office REIT shares last traded at C$0.36, with a volume of 55,981 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SOT.UN shares. BMO Capital Markets cut Slate Office REIT from a “sector perform” rating to an “underperform” rating and cut their price target for the company from C$0.70 to C$0.30 in a research note on Wednesday, June 26th. CIBC cut Slate Office REIT from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 26th. TD Securities cut shares of Slate Office REIT from a “hold” rating to a “sell” rating and cut their price objective for the stock from C$0.75 to C$0.25 in a research report on Wednesday, June 26th. Royal Bank of Canada cut shares of Slate Office REIT from a “sector perform” rating to an “underperform” rating and dropped their target price for the company from C$0.70 to C$0.30 in a research report on Wednesday, June 26th. Finally, Cormark reduced their price target on shares of Slate Office REIT from C$0.80 to C$0.65 in a research report on Tuesday, May 7th. Four equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of C$0.54.

Slate Office REIT Stock Performance

The stock has a market cap of C$28.94 million, a price-to-earnings ratio of -0.11 and a beta of 1.30. The company has a quick ratio of 0.14, a current ratio of 0.47 and a debt-to-equity ratio of 329.26. The company has a 50 day simple moving average of C$0.34 and a 200 day simple moving average of C$0.58.

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.