Stingray Group (TSE:RAY.A) Hits New 1-Year High on Analyst Upgrade

Stingray Group (TSE:RAY.A)’s stock price hit a new 52-week high during trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from C$17.00 to C$18.00. Royal Bank Of Canada currently has an outperform rating on the stock. Stingray Group traded as high as C$16.30 and last traded at C$16.24, with a volume of 69747 shares changing hands. The stock had previously closed at C$15.64.

RAY.A has been the subject of several other research reports. Desjardins lifted their price objective on Stingray Group from C$16.50 to C$18.50 and gave the company a “buy” rating in a research note on Tuesday, January 20th. National Bankshares raised their price target on Stingray Group from C$13.00 to C$13.50 and gave the company an “outperform” rating in a report on Monday, October 27th. BMO Capital Markets boosted their price objective on Stingray Group from C$13.00 to C$19.00 in a report on Thursday, November 13th. Finally, CIBC upped their price objective on shares of Stingray Group from C$13.50 to C$16.00 in a research report on Thursday, November 13th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$16.17.

Stingray Group Trading Up 5.0%

The stock has a fifty day moving average of C$14.71 and a two-hundred day moving average of C$12.24. The company has a market capitalization of C$1.15 billion, a PE ratio of 22.24, a PEG ratio of 1.13 and a beta of 1.48. The company has a current ratio of 1.05, a quick ratio of 0.69 and a debt-to-equity ratio of 154.45.

About Stingray Group

Stingray Group Inc is a music, media, and technology company. The company is a provider of curated direct-to-consumer and B2B services, including audio television channels, radio stations, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps. It operates through the following segments namely the Broadcasting and commercial music segment and Radio segment. The company generates maximum revenue from the Broadcasting and commercial music segment.