Stingray Group (TSE:RAY.A) Hits New 52-Week High After Analyst Upgrade

Stingray Group (TSE:RAY.A)’s share price hit a new 52-week high 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 trading hands. The stock had previously closed at C$15.64.

Other equities analysts have also recently issued research reports about the company. CIBC increased their target price on Stingray Group from C$13.50 to C$16.00 in a report on Thursday, November 13th. National Bankshares increased their price objective on Stingray Group from C$13.00 to C$13.50 and gave the company an “outperform” rating in a research note on Monday, October 27th. Desjardins raised their price objective on Stingray Group from C$16.50 to C$18.50 and gave the company a “buy” rating in a report on Tuesday, January 20th. Finally, BMO Capital Markets lifted their target price on shares of Stingray Group from C$13.00 to C$19.00 in a research note on Thursday, November 13th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$16.17.

Stingray Group Stock Up 5.0%

The firm has a market capitalization of C$1.15 billion, a price-to-earnings ratio of 22.24, a P/E/G ratio of 1.13 and a beta of 1.48. The business has a 50 day simple moving average of C$14.71 and a 200-day simple moving average of C$12.24. The company has a debt-to-equity ratio of 154.45, a quick ratio of 0.69 and a current ratio of 1.05.

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.