Royal Bank of Canada Forecasts Strong Price Appreciation for Stingray Group (TSE:RAY.A) Stock

Stingray Group (TSE:RAY.A) had its price target raised by equities researchers at Royal Bank of Canada from C$10.00 to C$11.00 in a note issued to investors on Thursday,BayStreet.CA reports. Royal Bank of Canada’s target price would suggest a potential upside of 36.65% from the stock’s current price.

Several other brokerages have also recently issued reports on RAY.A. National Bankshares lifted their price objective on Stingray Group from C$9.50 to C$10.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. BMO Capital Markets lifted their price target on Stingray Group from C$9.50 to C$10.50 in a research note on Thursday, August 8th.

Stingray Group Stock Up 1.9 %

RAY.A stock opened at C$8.05 on Thursday. The stock has a market capitalization of C$427.78 million, a PE ratio of -27.76, a price-to-earnings-growth ratio of 1.13 and a beta of 1.07. The company has a fifty day moving average of C$7.36 and a 200-day moving average of C$7.55. The company has a debt-to-equity ratio of 154.45, a quick ratio of 0.69 and a current ratio of 1.05. Stingray Group has a one year low of C$4.88 and a one year high of C$8.54.

Insiders Place Their Bets

In related news, Senior Officer Mario Dubois sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of C$8.00, for a total value of C$60,000.00. Over the last three months, insiders have sold 18,900 shares of company stock worth $150,488. 25.46% of the stock is owned by corporate insiders.

Stingray Group Company Profile

Stingray Group Inc operates as a music, media, and technology company worldwide. The company provides Stingray Music, a multiplatform music service available on television (TV), the internet, and through smartphones and tablets; Calm Radio, a music site for relaxation; Calm Christian, that offers Christian worship music; Qello Concerts by Stingray, an over-the-top streaming service on TV, mobile, and the web; and Stingray DJAZZ, a TV channel for jazz and jazz-related genres.