Artis Real Estate Investment Trust Unit (TSE:AX.UN) Hits New 1-Year Low - Here's What Happened

Key Points

• Artis Real Estate Investment Trust Unit's share price hit a new 52-week low at C$6.24, closing slightly higher at C$6.25 with a trading volume of 396,469 shares.
• Scotiabank has downgraded the stock from a "sector perform" to "underperform," setting a new target price of C$7.50.
• The company exhibits a high debt-to-equity ratio of 104.62 and currently has a consensus rating of "Reduce," indicating potential concerns regarding its financial health.

Artis Real Estate Investment Trust Unit (TSE:AX.UN - Get Free Report)'s share price reached a new 52-week low on Wednesday . The company traded as low as C$6.24 and last traded at C$6.25, with a volume of 396469 shares trading hands. The stock had previously closed at C$6.62.

Analysts Set New Price Targets

Separately, Scotiabank cut Artis Real Estate Investment Trust Unit from a "sector perform" rating to an "underperform" rating and set a C$7.50 target price on the stock. in a research report on Tuesday, September 16th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of C$7.50.

Artis Real Estate Investment Trust Unit Trading Down 5.0%

The company has a debt-to-equity ratio of 104.62, a quick ratio of 0.07 and a current ratio of 0.78. The firm has a fifty day moving average of C$7.33 and a 200-day moving average of C$7.36. The stock has a market capitalization of C$605.20 million, a price-to-earnings ratio of -9.83 and a beta of 0.77.

About Artis Real Estate Investment Trust Unit

Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western Canada and select markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, Colorado, New York, and Wisconsin.

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