Stingray Group (TSE:RAY.A) Reaches New 1-Year High – Here’s Why

Stingray Group (TSE:RAY.A) hit a new 52-week high during trading on Monday . The stock traded as high as C$17.49 and last traded at C$17.24, with a volume of 71250 shares traded. The stock had previously closed at C$17.15.

Wall Street Analyst Weigh In

RAY.A has been the topic of a number of recent analyst reports. National Bankshares raised their target price on shares of 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. Royal Bank Of Canada raised their price objective 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 target price on shares of Stingray Group from C$13.00 to C$19.00 in a research report on Thursday, November 13th. Canadian Imperial Bank of Commerce lifted their price target on Stingray Group from C$13.50 to C$16.00 in a research note on Thursday, November 13th. Finally, Desjardins upped their price objective 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. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of C$16.17.

Stingray Group Stock Up 0.2%

The stock has a market capitalization of C$1.17 billion, a P/E ratio of 22.61, a PEG ratio of 1.13 and a beta of 1.48. The stock has a 50 day moving average price of C$14.78 and a 200-day moving average price of C$12.34. The company has a debt-to-equity ratio of 154.45, a current ratio of 1.05 and a quick ratio of 0.69.

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.