National Bank Financial Forecasts Strong Price Appreciation for Stingray Group (TSE:RAY.A) Stock

Stingray Group (TSE:RAY.A) had its target price lifted by equities researchers at National Bank Financial from C$18.00 to C$21.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. National Bank Financial’s target price suggests a potential upside of 23.82% from the company’s previous close.

RAY.A has been the topic of several other research reports. Canadian Imperial Bank of Commerce lifted their target price on Stingray Group from C$13.50 to C$16.00 in a research note on Thursday, November 13th. BMO Capital Markets increased their price objective on Stingray Group from C$13.00 to C$19.00 in a report on Thursday, November 13th. Royal Bank Of Canada increased their price target on shares of Stingray Group from C$17.00 to C$18.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Finally, Desjardins increased their price target on Stingray Group from C$16.50 to C$18.50 and gave the company a “buy” rating in a report on Tuesday, January 20th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Stingray Group currently has a consensus rating of “Buy” and a consensus target price of C$17.42.

Stingray Group Price Performance

RAY.A stock opened at C$16.96 on Wednesday. The company has a market cap of C$1.15 billion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 1.13 and a beta of 1.48. The company has a current ratio of 1.05, a quick ratio of 0.69 and a debt-to-equity ratio of 154.45. Stingray Group has a 12-month low of C$7.35 and a 12-month high of C$17.79. The stock has a 50-day moving average price of C$15.00 and a two-hundred day moving average price of C$12.51.

Stingray Group (TSE:RAY.A) last released its quarterly earnings results on Tuesday, February 10th. The company reported C$0.38 EPS for the quarter. Stingray Group had a negative return on equity of 7.45% and a negative net margin of 5.78%. As a group, research analysts predict that Stingray Group will post 1 EPS for the current year.

Stingray Group Company Profile

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.