Stingray Group (TSE:RAY.A) Shares Pass Above 50 Day Moving Average – Here’s Why

Stingray Group (TSE:RAY.A)’s stock price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$15.49 and traded as high as C$15.89. Stingray Group shares last traded at C$15.54, with a volume of 45,454 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Canadian Imperial Bank of Commerce increased their price target on shares of Stingray Group from C$13.50 to C$16.00 in a research report on Thursday, November 13th. National Bank Financial increased their target price on shares of Stingray Group from C$18.00 to C$21.00 and gave the company an “outperform” rating in a report on Wednesday, February 11th. Royal Bank Of Canada lifted their target price on shares of Stingray Group from C$17.00 to C$18.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Desjardins boosted their price target on shares of Stingray Group from C$16.50 to C$18.50 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Finally, BMO Capital Markets raised their price objective on Stingray Group from C$13.00 to C$19.00 in a research note on Thursday, November 13th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of C$17.42.

Stingray Group Stock Down 1.3%

The company has a debt-to-equity ratio of 154.45, a current ratio of 1.05 and a quick ratio of 0.69. The stock has a market capitalization of C$1.04 billion, a PE ratio of 24.21, a PEG ratio of 1.13 and a beta of 1.48. The company has a 50 day moving average price of C$15.49 and a 200-day moving average price of C$12.96.

Stingray Group (TSE:RAY.A) last announced its quarterly earnings results on Tuesday, February 10th. The company reported C$0.38 EPS for the quarter. Stingray Group had a negative return on equity of 7.45% and a negative net margin of 5.78%. As a group, analysts forecast that Stingray Group will post 1 earnings per share for the current fiscal year.

Stingray Group Company Profile

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.