Stingray Group (TSE:RAY.A) Stock Crosses Above 50-Day Moving Average – Here’s What Happened

Stingray Group (TSE:RAY.A)’s stock price passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$15.30 and traded as high as C$17.34. Stingray Group shares last traded at C$16.75, with a volume of 34,205 shares.

Wall Street Analyst Weigh In

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

Stingray Group Price Performance

The company has a current ratio of 1.05, a quick ratio of 0.69 and a debt-to-equity ratio of 154.45. The firm has a market cap of C$1.14 billion, a PE ratio of 26.59, a price-to-earnings-growth ratio of 1.13 and a beta of 1.48. The stock has a 50 day simple moving average of C$15.30 and a 200-day simple moving average of C$12.72.

Stingray Group (TSE:RAY.A) last announced its quarterly earnings data 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%. Equities analysts anticipate that Stingray Group will post 1 earnings per share for the current fiscal year.

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.