Stingray Group (TSE:RAY.A) Share Price Passes Below Fifty Day Moving Average – What’s Next?

Stingray Group (TSE:RAY.A) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$15.66 and traded as low as C$15.00. Stingray Group shares last traded at C$15.06, with a volume of 17,931 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Desjardins raised their price target on shares of Stingray Group from C$16.50 to C$18.50 and gave the company a “buy” rating in a report on Tuesday, January 20th. BMO Capital Markets upped their price objective on shares of Stingray Group from C$13.00 to C$19.00 in a 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 stock an “outperform” rating in a research report on Wednesday, February 11th. Canadian Imperial Bank of Commerce raised their target price on Stingray Group from C$13.50 to C$16.00 in a report on Thursday, November 13th. Finally, Royal Bank Of Canada boosted their price target on 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. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of C$17.42.

Stingray Group Trading Down 0.5%

The company has a debt-to-equity ratio of 154.45, a quick ratio of 0.69 and a current ratio of 1.05. The company’s 50 day moving average is C$15.66 and its 200 day moving average is C$13.27. The stock has a market capitalization of C$1.02 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 1.13 and a beta of 1.48.

Stingray Group (TSE:RAY.A) last posted its quarterly 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%. On average, research analysts forecast 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.