AutoCanada (TSE:ACQ) Stock Price Up 18.7% Following Analyst Upgrade

Shares of AutoCanada Inc. (TSE:ACQ) shot up 18.7% during trading on Thursday after CIBC raised their price target on the stock from C$23.00 to C$27.50. The company traded as high as C$30.65 and last traded at C$29.99. 110,916 shares changed hands during mid-day trading, an increase of 359% from the average session volume of 24,170 shares. The stock had previously closed at C$25.27.

Several other equities analysts also recently commented on the stock. Cibc World Mkts raised shares of AutoCanada from a “strong sell” rating to a “hold” rating in a report on Thursday, May 15th. Acumen Capital raised shares of AutoCanada from a “hold” rating to a “speculative buy” rating and upped their price target for the company from C$20.00 to C$22.50 in a research note on Friday, March 21st. ATB Capital boosted their price objective on shares of AutoCanada from C$18.00 to C$18.50 and gave the company a “sector perform” rating in a research report on Thursday, March 27th. Finally, Canaccord Genuity Group upped their price target on shares of AutoCanada from C$24.00 to C$28.00 and gave the stock a “buy” rating in a report on Monday. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$21.25.

Insider Transactions at AutoCanada

In other news, insider EdgePoint Investment Group Inc. acquired 80,840 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of C$20.50 per share, with a total value of C$1,657,317.01. Over the last ninety days, insiders have purchased 88,280 shares of company stock worth $1,809,060. Company insiders own 4.90% of the company’s stock.

AutoCanada Stock Performance

The company has a debt-to-equity ratio of 451.54, a quick ratio of 0.25 and a current ratio of 1.03. The firm’s 50 day simple moving average is C$21.96 and its 200-day simple moving average is C$18.78. The company has a market cap of C$678.13 million, a price-to-earnings ratio of -13.45, a PEG ratio of 0.30 and a beta of 2.54.

AutoCanada Company Profile

AutoCanada Inc operates car dealerships in Canada. The company offers new and used vehicles, spare parts, maintenance services, and customer financing. AutoCanada retails brands such as Chrysler, Dodge, Jeep, Ram, Cadillac, Chevrolet, Buick, GMC, Audi, Volkswagen, BMW, Mini, Infiniti, Nissan, Hyundai, Kia, Fiat, Mitsubishi, and Subaru.