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

Stingray Group (TSE:RAY.A)’s stock price crossed 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 brokerages have commented on RAY.A. BMO Capital Markets boosted their price objective on shares of Stingray Group from C$13.00 to C$19.00 in a research report on Thursday, November 13th. CIBC boosted their price target on Stingray Group from C$13.50 to C$16.00 in a report on Thursday, November 13th. Royal Bank Of Canada upped their price objective on Stingray Group from C$13.00 to C$14.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Finally, National Bankshares lifted their target price on Stingray Group from C$13.00 to C$13.50 and gave the company an “outperform” rating in a research report on Monday, October 27th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Stingray Group presently has an average rating of “Moderate Buy” and an average target price of C$14.33.

Stingray Group Stock Up 3.5%

The company has a market capitalization of C$1.03 billion, a P/E ratio of 19.87, a PEG ratio of 1.13 and a beta of 1.59. The company has a current ratio of 1.05, a quick ratio of 0.69 and a debt-to-equity ratio of 154.45. The stock has a 50 day moving average price of C$14.23 and a 200 day moving average price of C$11.74.

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.