Air Canada (TSE:AC) Stock Crosses Below 50 Day Moving Average - Here's Why

Key Points

• Air Canada's stock price has crossed below its 50-day moving average of C$18.87, trading as low as C$17.80 during recent trading.
• Several brokerages have adjusted their price targets for the stock, with BMO Capital Markets decreasing it to C$27.00 and TD Securities lowering it to C$22.00, while the consensus target price is C$24.78.
• Air Canada has a market capitalization of C$5.43 billion and a price-to-earnings ratio of 4.64, indicating significant market activity despite the recent downturn in stock price.

Air Canada (TSE:AC - Get Free Report)'s stock price crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$18.87 and traded as low as C$17.80. Air Canada shares last traded at C$18.33, with a volume of 2,299,041 shares trading hands.

Analyst Ratings Changes

Several brokerages have issued reports on AC. BMO Capital Markets decreased their price target on shares of Air Canada from C$28.00 to C$27.00 in a research report on Thursday, October 9th. Raymond James Financial raised their price target on shares of Air Canada from C$24.00 to C$27.00 and gave the company a "moderate buy" rating in a research note on Tuesday, July 22nd. Stifel Nicolaus dropped their price target on shares of Air Canada from C$25.00 to C$24.00 and set a "buy" rating for the company in a research note on Friday, September 26th. Citigroup set a C$25.00 price target on shares of Air Canada and gave the company a "buy" rating in a research note on Monday, June 30th. Finally, TD Securities dropped their price target on shares of Air Canada from C$25.00 to C$22.00 in a research note on Friday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Air Canada currently has a consensus rating of "Moderate Buy" and a consensus target price of C$24.78.

Air Canada Stock Performance

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 company's 50-day moving average price is C$18.87 and its two-hundred day moving average price is C$18.30. The company has a market capitalization of C$5.43 billion, a price-to-earnings ratio of 4.64, a PEG ratio of 0.02 and a beta of 1.62.

About Air Canada

Air Canada is Canada's largest airline, generally serving nearly 50 million passengers each year together with its regional partners. Air Canada is a sixth freedom airline, similar to Gulf carriers, which flies many U.S. nationals on long-haul trips with a layover in Canada. In 2019, the company generated CAD 19 billion in total revenue.

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