Canaccord Genuity Group Forecasts Strong Price Appreciation for AutoCanada (TSE:ACQ) Stock

AutoCanada (TSE:ACQ) had its price objective raised by equities researchers at Canaccord Genuity Group from C$22.00 to C$24.00 in a report released on Thursday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 14.45% from the company’s current price.

ACQ has been the topic of a number of other research reports. CIBC lowered their price objective on shares of AutoCanada from C$17.00 to C$15.00 and set an “underperform” rating on the stock in a research report on Thursday, March 20th. Cibc World Mkts upgraded shares of AutoCanada from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 15th. Acumen Capital upgraded shares of AutoCanada from a “hold” rating to a “speculative buy” rating and increased their price objective for the company from C$20.00 to C$22.50 in a research report on Friday, March 21st. Finally, ATB Capital increased their price target on shares of AutoCanada from C$18.00 to C$18.50 and gave the stock a “sector perform” rating in a research report on Thursday, March 27th. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AutoCanada currently has a consensus rating of “Moderate Buy” and an average target price of C$20.31.

AutoCanada Stock Up 3.0%

Shares of AutoCanada stock opened at C$20.97 on Thursday. The company has a market cap of C$488.01 million, a price-to-earnings ratio of -9.68, a price-to-earnings-growth ratio of 0.30 and a beta of 2.54. The company’s 50 day moving average is C$16.81 and its 200 day moving average is C$17.49. AutoCanada has a twelve month low of C$13.75 and a twelve month high of C$22.37. The company has a quick ratio of 0.25, a current ratio of 1.03 and a debt-to-equity ratio of 451.54.

Insiders Place Their Bets

In other news, insider EdgePoint Investment Group Inc. acquired 80,840 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of C$20.50 per share, for a total transaction of C$1,657,317.01. Insiders own 4.90% of the company’s stock.

AutoCanada Company Profile

AutoCanada Inc, through its subsidiaries, operates franchised automobile dealerships and related business. The company offers a range of automotive products and services, including new and used vehicles, vehicle leasing, vehicle parts, vehicle maintenance and collision repair services, and extended service contracts; and vehicle protection, after-market products, and auction services.