Rogers Communications (TSE:RCI.B) Shares Pass Below Two Hundred Day Moving Average – Here’s What Happened

Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI)’s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$51.26 and traded as low as C$50.64. Rogers Communications shares last traded at C$51.90, with a volume of 1,951,944 shares traded.

Analyst Ratings Changes

A number of brokerages have recently commented on RCI.B. TD Securities lowered shares of Rogers Communications from a “buy” rating to a “hold” rating and reduced their target price for the stock from C$65.00 to C$56.00 in a research report on Thursday, April 2nd. Scotia raised shares of Rogers Communications from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from C$57.75 to C$60.50 in a research report on Thursday, April 23rd. TD raised shares of Rogers Communications from a “hold” rating to a “buy” rating and raised their target price for the stock from C$56.00 to C$60.00 in a research report on Thursday, April 23rd. Canadian Imperial Bank of Commerce increased their price objective on shares of Rogers Communications from C$61.00 to C$62.00 and gave the company an “outperformer” rating in a research note on Thursday, April 23rd. Finally, National Bank Financial increased their price objective on shares of Rogers Communications from C$62.00 to C$63.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$58.56.

Rogers Communications Trading Up 2.1%

The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 436.50. The stock’s 50 day moving average price is C$49.70 and its 200-day moving average price is C$51.26. The stock has a market capitalization of C$28.04 billion, a P/E ratio of 3.98, a P/E/G ratio of 0.32 and a beta of 1.02.

Rogers Communications Company Profile

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers’ wireless business accounted for 60% of the company’s total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years. Rogers’ cable segment, which provides about one fourth of total sales, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers’ media unit, which owns and operates various television and radio stations and the Toronto Blue Jays.