Stingray Group (TSE:RAY.A) Sets New 1-Year High – What’s Next?

Stingray Group (TSE:RAY.A) shares hit a new 52-week high during trading on Thursday . The company traded as high as C$15.45 and last traded at C$15.40, with a volume of 33762 shares trading hands. The stock had previously closed at C$14.83.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RAY.A. Desjardins upped their price target on Stingray Group from C$16.50 to C$18.50 and gave the company a “buy” rating in a research note on Tuesday. National Bankshares raised their target price on shares of Stingray Group from C$13.00 to C$13.50 and gave the company an “outperform” rating in a research note on Monday, October 27th. BMO Capital Markets boosted their price target on shares of Stingray Group from C$13.00 to C$19.00 in a research note on Thursday, November 13th. CIBC raised their price objective on shares of Stingray Group from C$13.50 to C$16.00 in a research note on Thursday, November 13th. Finally, Royal Bank Of Canada lifted their target price on shares of Stingray Group from C$13.00 to C$14.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Stingray Group has a consensus rating of “Moderate Buy” and an average target price of C$15.50.

Stingray Group Price Performance

The company’s 50 day simple moving average is C$14.50 and its 200 day simple moving average is C$11.91. 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 has a market cap of C$1.06 billion, a P/E ratio of 20.61, a P/E/G 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.