Rogers Communications (TSE:RCI.B) Shares Cross Above 200 Day Moving Average – Here’s Why

Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$50.80 and traded as high as C$53.15. Rogers Communications shares last traded at C$52.87, with a volume of 1,284,027 shares changing hands.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Rogers Communications from C$59.00 to C$62.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. National Bank Financial increased their price objective on shares of Rogers Communications from C$59.00 to C$60.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Canadian Imperial Bank of Commerce raised their target price on shares of Rogers Communications from C$58.00 to C$60.00 and gave the company an “outperform” rating in a report on Tuesday, December 9th. Scotiabank cut their price target on shares of Rogers Communications from C$58.00 to C$57.75 and set a “sector perform” rating for the company in a report on Tuesday, January 20th. Finally, Morgan Stanley increased their price target on shares of Rogers Communications from C$46.00 to C$50.00 in a research report on Wednesday, December 10th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$57.73.

Rogers Communications Price Performance

The business’s 50-day simple moving average is C$50.77 and its two-hundred day simple moving average is C$50.80. The stock has a market cap of C$28.56 billion, a price-to-earnings ratio of 4.15, a price-to-earnings-growth ratio of 0.32 and a beta of 1.07. The company has a debt-to-equity ratio of 436.50, a current ratio of 0.65 and a quick ratio of 0.58.

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.