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 traded.

Wall Street Analysts Forecast Growth

RAY.A has been the subject of a number of analyst reports. Royal Bank Of Canada lifted their target price on shares of Stingray Group from C$17.00 to C$18.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Desjardins increased their price target on shares of Stingray Group from C$16.50 to C$18.50 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Finally, National Bank Financial raised their price target on shares of Stingray Group from C$18.00 to C$21.00 and gave the company an “outperform” rating in a report on Wednesday, February 11th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Stingray Group presently has a consensus rating of “Buy” and an average price target of C$17.42.

Stingray Group Stock Down 1.8%

The firm has a market capitalization of C$958.61 million, a price-to-earnings ratio of 22.37, a price-to-earnings-growth ratio of 1.13 and a beta of 1.48. 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 business’s 50 day moving average is C$15.64 and its 200-day moving average is C$13.71.

Stingray Group (TSE:RAY.A) last announced its earnings results on Tuesday, February 10th. The company reported C$0.38 earnings per share for the quarter. Stingray Group had a negative return on equity of 7.45% and a negative net margin of 5.78%. Equities 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.