Stingray Digitl (TSE:RAY) Stock Jumps 2.3% – Should You Buy?

Stingray Digitl (TSE:RAY)’s stock price shot up 2.3% during trading on Wednesday. The stock traded as high as C$16.00 and last traded at C$15.85. 22,901 shares traded hands during trading, a decline of 53% from the average session volume of 48,534 shares. The stock had previously closed at C$15.50.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. ATB Cormark Capital Markets set a C$24.00 price objective on shares of Stingray Digitl and gave the stock a “buy” rating in a research note on Friday, June 19th. Desjardins raised Stingray Digitl to a “moderate buy” rating in a research note on Monday, June 22nd. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Stingray Digitl presently has an average rating of “Buy” and a consensus target price of C$21.75.

Stingray Digitl Stock Performance

The company has a market capitalization of C$1.06 billion, a P/E ratio of -27.81 and a beta of 1.15. The company’s fifty day simple moving average is C$15.61 and its 200-day simple moving average is C$15.20.

Stingray Digitl (TSE:RAY) last posted its quarterly earnings results on Monday, August 10th. The company reported C$0.40 EPS for the quarter. The business had revenue of C$158.02 million during the quarter.

About Stingray Digitl

Leveraging our expertise in personal care electrical appliance industry, we aim to promote consumer lifestyles and drive the awareness of personal grooming. Through Pure Beauty, we principally engage in the sourcing and wholesaling of personal care electrical appliances for international brand owners. We also provide product design and development collaboration as a value-added service for our customers. Our customers are brand owners of personal care electrical appliances who market and sell their personal care electrical appliances products to end consumers.