Stingray Group (TSE:RAY.A) Stock Price Passes Below 50-Day Moving Average – Here’s Why

Stingray Group (TSE:RAY.A)’s stock price passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$15.64 and traded as low as C$14.07. Stingray Group shares last traded at C$14.09, with a volume of 72,616 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently commented on RAY.A. Desjardins raised their target price on Stingray Group from C$16.50 to C$18.50 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. National Bank Financial upped their price target on Stingray Group from C$18.00 to C$21.00 and gave the company an “outperform” rating in a research report on Wednesday, February 11th. Finally, Royal Bank Of Canada increased their price objective on 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. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of C$17.42.

Stingray Group Price Performance

The company has a quick ratio of 0.69, a current ratio of 1.05 and a debt-to-equity ratio of 154.45. The stock’s 50 day moving average price is C$15.64 and its two-hundred day moving average price is C$13.71. The firm has a market capitalization of C$958.61 million, a price-to-earnings ratio of 22.37, a P/E/G ratio of 1.13 and a beta of 1.48.

Stingray Group (TSE:RAY.A) last released its quarterly earnings data on Tuesday, February 10th. The company reported C$0.38 earnings per share (EPS) for the quarter. Stingray Group had a negative return on equity of 7.45% and a negative net margin of 5.78%. Analysts anticipate that Stingray Group will post 1 EPS for the current fiscal 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.