National Bankshares Cuts Stingray Group (TSE:RAY.A) Price Target to C$7.50

Stingray Group (TSE:RAY.AGet Rating) had its target price decreased by National Bankshares from C$8.50 to C$7.50 in a report released on Thursday, BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. National Bankshares’ price objective would indicate a potential upside of 28.87% from the company’s previous close.

A number of other analysts have also recently weighed in on RAY.A. CIBC lowered their price objective on Stingray Group from C$9.50 to C$8.50 in a research report on Thursday. BMO Capital Markets lowered their price target on Stingray Group from C$10.00 to C$8.50 in a report on Thursday.

TSE:RAY.A traded down C$0.30 during midday trading on Thursday, reaching C$5.82. 105,780 shares of the stock traded hands, compared to its average volume of 43,322. The stock has a market capitalization of C$408.21 million and a PE ratio of 10.38. Stingray Group has a 12-month low of C$5.76 and a 12-month high of C$8.30. The company has a debt-to-equity ratio of 132.06, a quick ratio of 0.56 and a current ratio of 0.70. The business has a 50-day moving average of C$6.72 and a two-hundred day moving average of C$7.06.

About Stingray Group (Get Rating)

Stingray Group Inc provides business-to-business multi-platform music, and in-store music and video solutions to businesses and individuals worldwide. The company offers Stingray Music, which delivers music products and services on television (TV), Web, and mobile; Stingray Lite TV, a TV channel for pop music videos; Stingray iConcerts, a TV channel and an on-demand video service; Stingray Brava, a TV channel that provides operas and ballets, classical music performances, and local content; Stingray DJAZZ, a TV channel that features jazz concerts, films, portraits, and documentaries; Stingray Ambiance 4K, an ultra-high definition channel; and Stingray Karaoke that offers videos over the Internet and TV for TV service providers, as well as directly to consumers.

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