Rogers Communications (TSE:RCI.B) Stock Price Crosses Below 200-Day Moving Average – What’s Next?

Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI)’s share price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$50.29 and traded as low as C$50.27. Rogers Communications shares last traded at C$50.80, with a volume of 2,928,010 shares.

Analysts Set New Price Targets

RCI.B has been the topic of several analyst reports. Royal Bank Of Canada set a C$60.00 target price on Rogers Communications and gave the company an “outperform” rating in a report on Thursday, July 23rd. Scotiabank lifted their target price on shares of Rogers Communications from C$60.50 to C$61.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 7th. Morgan Stanley cut their price target on shares of Rogers Communications from C$50.00 to C$42.00 in a research report on Tuesday, July 21st. Desjardins set a C$58.00 price target on Rogers Communications and gave the stock a “hold” rating in a report on Monday, August 24th. Finally, Canaccord Genuity Group dropped their price objective on Rogers Communications from C$58.00 to C$57.50 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$59.00.

Rogers Communications Stock Down 0.8%

The firm’s 50 day moving average price is C$48.83 and its two-hundred day moving average price is C$50.25. The company has a market cap of C$26.97 billion, a P/E ratio of 4.38, a price-to-earnings-growth ratio of 0.32 and a beta of 0.97. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65.

About Rogers Communications

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers’ wireless business accounted for 60% of the company’s total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years. Rogers’ cable segment, which provides about one fourth of total sales, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers’ media unit, which owns and operates various television and radio stations and the Toronto Blue Jays.