Stingray Group (TSE:RAY.A) Reaches New 12-Month High – Time to Buy?

Stingray Group (TSE:RAY.A)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as C$16.20 and last traded at C$15.93, with a volume of 51529 shares. The stock had previously closed at C$15.85.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RAY.A. CIBC lifted their target price on Stingray Group from C$13.50 to C$16.00 in a report on Thursday, November 13th. Desjardins raised their price objective on Stingray Group from C$16.50 to C$18.50 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Royal Bank Of Canada increased their target price on shares of 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. BMO Capital Markets boosted their target price on shares of Stingray Group from C$13.00 to C$19.00 in a report on Thursday, November 13th. Finally, National Bankshares raised their price target on shares of Stingray Group from C$13.00 to C$13.50 and gave the stock an “outperform” rating in a report on Monday, October 27th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Stingray Group presently has a consensus rating of “Moderate Buy” and a consensus price target of C$15.50.

Stingray Group Trading Down 2.1%

The company has a quick ratio of 0.69, a current ratio of 1.05 and a debt-to-equity ratio of 154.45. The firm’s 50-day simple moving average is C$14.61 and its 200 day simple moving average is C$12.06. The firm has a market cap of C$1.05 billion, a P/E ratio of 20.42, a price-to-earnings-growth ratio of 1.13 and a beta of 1.59.

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. The company generates maximum revenue from the Broadcasting and commercial music segment.