Air Canada (TSE:AC) Stock Price Passes Above 50-Day Moving Average - Here's What Happened

Air Canada (TSE:AC - Get Free Report) shares passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$16.32 and traded as high as C$19.22. Air Canada shares last traded at C$18.83, with a volume of 1,949,697 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AC shares. Jefferies Financial Group downgraded Air Canada from a "hold" rating to an "underperform" rating and lowered their price objective for the stock from C$18.00 to C$12.00 in a research note on Tuesday, April 1st. National Bankshares lowered their price objective on Air Canada from C$27.00 to C$23.00 in a report on Thursday, April 10th. Raymond James lowered their target price on Air Canada from C$28.00 to C$24.00 in a report on Tuesday, May 6th. Scotiabank decreased their price objective on Air Canada from C$25.00 to C$21.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Finally, Royal Bank of Canada raised Air Canada from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from C$16.00 to C$25.00 in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of C$24.31.

Air Canada Stock Down 1.3%

The firm has a 50-day moving average of C$16.55 and a 200 day moving average of C$18.41. The company has a debt-to-equity ratio of 400.00, a current ratio of 0.92 and a quick ratio of 1.06. The stock has a market capitalization of C$6.61 billion, a price-to-earnings ratio of 2.61, a PEG ratio of 0.02 and a beta of 2.39.

Insider Activity at Air Canada

In related news, Senior Officer Craig Landry acquired 7,909 shares of the company's stock in a transaction on Monday, March 31st. The stock was purchased at an average cost of C$13.99 per share, with a total value of C$110,646.91. Insiders own 0.14% of the company's stock.

Air Canada Company Profile

Air Canada provides domestic, U.S. transborder, and international airline services. The company provides scheduled passenger services under the Air Canada Vacations and Air Canada Rouge brand names in the Canadian market, the Canada-U.S. transborder market, and in the international market to and from Canada, as well as through capacity purchase agreements on other regional carriers.