Air Canada (TSE:AC) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Shares of Air Canada (TSE:AC) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of C$22.38 and traded as high as C$22.51. Air Canada shares last traded at C$22.48, with a volume of 3,853,295 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AC shares. UBS Group boosted their price objective on shares of Air Canada from C$24.00 to C$33.00 in a research report on Thursday, August 13th. National Bank Financial lowered their price objective on Air Canada from C$37.00 to C$33.00 and set an “outperform” rating on the stock in a research report on Friday, October 30th. Stifel Nicolaus lowered their price target on shares of Air Canada from C$38.00 to C$32.00 and set a “buy” rating on the stock in a report on Thursday, October 29th. BMO Capital Markets lowered their target price on shares of Air Canada from C$35.00 to C$33.00 and set an “outperform” rating on the stock in a research note on Friday, October 30th. Finally, Canaccord Genuity Group upgraded Air Canada from a “hold” rating to a “buy” rating and cut their price target for the stock from C$29.00 to C$25.00 in a research note on Thursday, October 22nd. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of C$30.31.

Air Canada Stock Performance

The firm has a market capitalization of C$5.68 billion, a PE ratio of 22.71, a P/E/G ratio of 0.02 and a beta of 1.64. The business has a 50-day simple moving average of C$25.27 and a 200-day simple moving average of C$22.38. The company has a debt-to-equity ratio of 517.55, a current ratio of 0.64 and a quick ratio of 1.05.

Air Canada (TSE:AC) last released its earnings results on Thursday, October 29th. The company reported C$0.75 earnings per share for the quarter. The business had revenue of C$6.98 billion during the quarter. Air Canada had a return on equity of 12.10% and a net margin of 1.23%. Equities research analysts expect that Air Canada will post 2.58 earnings per share for the current fiscal year.

Air Canada Company Profile

Air Canada is Canada’s largest airline, the country’s flag carrier and a founding member of Star Alliance, the world’s most comprehensive air transportation network. Headquartered in Montréal, Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and Internationally on six continents. It holds a Four-Star ranking from Skytrax. Air Canada’s Aeroplan program is Canada’s premier travel loyalty program, with more than 10 million members worldwide. Members can earn or redeem points on the world’s largest airline partner network of more than 50 airlines, plus through an extensive range of merchandise, hotel and car rental partners.