Could SL Green Realty Corp. (SLG) Go Down? The Stock Formed Bearish Double Bottom Chart Pattern

January 23, 2018 - By Adrian Erickson

Investors sentiment decreased to 0.84 in 2017 Q3. Its down 0.19, from 1.03 in 2017Q2. It worsened, as 27 investors sold SL Green Realty Corp. shares while 120 reduced holdings. 29 funds opened positions while 95 raised stakes. 98.25 million shares or 2.18% less from 100.44 million shares in 2017Q2 were reported.
Cwm Ltd Llc owns 145 shares or 0% of their US portfolio. Citadel Limited has 757,358 shares. Cbre Clarion Secs Limited Liability Company stated it has 2.82 million shares. Employees Retirement Of Ohio accumulated 151,937 shares or 0.08% of the stock. Cadence Mngmt Limited Liability accumulated 7,347 shares. Sand Hill Glob Ltd Llc owns 0.05% invested in SL Green Realty Corp. (NYSE:SLG) for 4,344 shares. Toronto Dominion Bancshares stated it has 0.01% in SL Green Realty Corp. (NYSE:SLG). Guardian Life Insur Of America invested in 226 shares. Victory Cap Management has 2,241 shares. Amalgamated Fincl Bank invested in 11,108 shares or 0.04% of the stock. 77,707 are owned by Raymond James Associates. Moreover, Fjarde Ap has 0.05% invested in SL Green Realty Corp. (NYSE:SLG) for 24,399 shares. Dekabank Deutsche Girozentrale invested in 0.03% or 40,138 shares. Rampart Invest Mngmt Lc invested 0.05% of its portfolio in SL Green Realty Corp. (NYSE:SLG). Employees Retirement Sys Of Texas invested in 0.08% or 63,000 shares.

Since December 12, 2017, it had 0 insider purchases, and 1 sale for $619,380 activity.

The chart of SL Green Realty Corp. (SLG) shows a double bottom with $89.99 target or 7.00 % below today’s $96.76 share price. The 8 months chart pattern indicates high risk for the $9.65 billion company. It was reported on Jan, 23 by Finviz.com. If the $89.99 price target is reached, the company will be worth $675.71M less. Double bottoms are rare but powerful chart patterns.

The stock increased 0.83% or $0.8 during the last trading session, reaching $96.76. About 322,354 shares traded. SL Green Realty Corp. (NYSE:SLG) has risen 3.99% since January 23, 2017 and is uptrending. It has underperformed by 12.71% the S&P500.

Analysts await SL Green Realty Corp. (NYSE:SLG) to report earnings on January, 24. They expect $1.59 EPS, up 11.19 % or $0.16 from last year’s $1.43 per share. SLG’s profit will be $158.62M for 15.21 P/E if the $1.59 EPS becomes a reality. After $1.49 actual EPS reported by SL Green Realty Corp. for the previous quarter, Wall Street now forecasts 6.71 % EPS growth.

SL Green Realty Corp. (NYSE:SLG) Ratings Coverage

Among 21 analysts covering SL Green Realty Corp. (NYSE:SLG), 10 have Buy rating, 0 Sell and 11 Hold. Therefore 48% are positive. SL Green Realty Corp. had 77 analyst reports since July 21, 2015 according to SRatingsIntel. As per Monday, August 15, the company rating was maintained by Stifel Nicolaus. As per Monday, October 23, the company rating was maintained by Citigroup. Bank of America downgraded the shares of SLG in report on Wednesday, August 16 to “Neutral” rating. On Monday, October 23 the stock rating was maintained by Robert W. Baird with “Outperform”. Barclays Capital maintained it with “Equal-Weight” rating and $105 target in Wednesday, November 1 report. The rating was maintained by BMO Capital Markets with “Buy” on Tuesday, January 9. As per Thursday, August 20, the company rating was downgraded by Stifel Nicolaus. The stock has “Hold” rating by Stifel Nicolaus on Monday, September 18. The firm has “Hold” rating by Stifel Nicolaus given on Wednesday, August 2. The stock of SL Green Realty Corp. (NYSE:SLG) earned “Buy” rating by KeyBanc Capital Markets on Monday, September 25.

More important recent SL Green Realty Corp. (NYSE:SLG) news were published by: Nasdaq.com which released: “RSI Alert: SL Green Realty Now Oversold” on January 18, 2018, also Nasdaq.com published article titled: “SL Green Realty Corporation (SLG) Ex-Dividend Date Scheduled for December 29, 2017”, Businesswire.com published: “SL Green Realty Corp. to Release Fourth Quarter 2017 Financial Results after …” on January 02, 2018. More interesting news about SL Green Realty Corp. (NYSE:SLG) was released by: Nasdaq.com and their article: “Why an Earnings Beat Is Likely for SL Green (SLG) in Q4” with publication date: January 22, 2018.

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