Stingray Group (TSE:RAY.A) Stock Price Passes Below 50 Day Moving Average – What’s Next?

Stingray Group (TSE:RAY.A)’s share price passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$14.15 and traded as low as C$14.15. Stingray Group shares last traded at C$14.59, with a volume of 38,922 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. BMO Capital Markets raised their target price on shares of Stingray Group from C$13.00 to C$19.00 in a research note on Thursday, November 13th. National Bankshares lifted their target price on Stingray Group from C$13.00 to C$13.50 and gave the stock an “outperform” rating in a report on Monday, October 27th. Royal Bank Of Canada increased their price target on Stingray Group from C$13.00 to C$14.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Finally, CIBC lifted their price objective on Stingray Group from C$13.50 to C$16.00 in a research note on Thursday, November 13th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$14.33.

Stingray Group Trading Up 3.0%

The stock has a market cap of C$990.76 million, a PE ratio of 19.20, a PEG ratio of 1.13 and a beta of 1.59. The company has a debt-to-equity ratio of 154.45, a quick ratio of 0.69 and a current ratio of 1.05. The stock has a fifty day moving average price of C$14.15 and a 200 day moving average price of C$11.70.

About Stingray Group

Stingray Group Inc is a music, media, and technology company. The company is a provider of curated direct-to-consumer and B2B services, including audio television channels, radio stations, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps. It operates through the following segments namely the Broadcasting and commercial music segment and Radio segment. The company generates maximum revenue from the Broadcasting and commercial music segment.