Artis Real Estate Investment Trust Unit (TSE:AX.UN) Shares Pass Below 200-Day Moving Average - Here's What Happened

Key Points

• Artis Real Estate Investment Trust Unit's shares fell below its 200-day moving average of C$7.35, trading as low as C$6.20 before closing at C$6.21.
• Scotiabank downgraded the stock from a "sector perform" to an "underperform" rating, setting a target price of C$7.50.
• The company has a debt-to-equity ratio of 104.62 and currently has an average rating of "Reduce" from analysts.

Artis Real Estate Investment Trust Unit (TSE:AX.UN - Get Free Report) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$7.35 and traded as low as C$6.20. Artis Real Estate Investment Trust Unit shares last traded at C$6.21, with a volume of 714,686 shares changing hands.

Analysts Set New Price Targets

Separately, Scotiabank downgraded 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 analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Reduce" and an average target price of C$7.50.

Artis Real Estate Investment Trust Unit Stock Down 6.2%

The company has a quick ratio of 0.07, a current ratio of 0.78 and a debt-to-equity ratio of 104.62. The firm has a 50 day moving average of C$7.30 and a two-hundred day moving average of C$7.35. The firm has a market capitalization of C$597.50 million, a price-to-earnings ratio of -9.70 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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