Stingray Group (TSE:RAY.A) Hits New 1-Year High – Here’s Why

Stingray Group (TSE:RAY.A)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as C$15.13 and last traded at C$15.00, with a volume of 41490 shares traded. The stock had previously closed at C$15.12.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RAY.A shares. Royal Bank Of Canada increased their price target on Stingray Group from C$13.00 to C$14.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. National Bankshares upped their price target on shares of 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. BMO Capital Markets raised their price objective on Stingray Group from C$13.00 to C$19.00 in a research report on Thursday, November 13th. Finally, CIBC increased their target price on shares of Stingray Group from C$13.50 to C$16.00 in a research report on Thursday, November 13th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$14.33.

Stingray Group Price Performance

The company has a debt-to-equity ratio of 154.45, a current ratio of 1.05 and a quick ratio of 0.69. The stock’s 50 day moving average price is C$11.27 and its two-hundred day moving average price is C$10.26. The firm has a market capitalization of C$1.02 billion, a price-to-earnings ratio of 19.75, a PEG ratio of 1.13 and a beta of 1.25.

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.