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

Shares of Stingray Group (TSE:RAY.A) 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 traded.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. BMO Capital Markets raised their target price on shares of Stingray Group from C$13.00 to C$19.00 in a research note on Thursday, November 13th. 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. National Bank Financial raised their price objective 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. Royal Bank Of Canada lifted their target price on Stingray Group from C$17.00 to C$18.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Finally, Canadian Imperial Bank of Commerce boosted their target price on Stingray Group from C$13.50 to C$16.00 in a research report on Thursday, November 13th. Four analysts have rated the stock with a Buy rating, According to MarketBeat, Stingray Group currently has an average rating of “Buy” and a consensus price target of C$17.42.

Stingray Group Stock Up 0.7%

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

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