ATB Capital Forecasts Strong Price Appreciation for AutoCanada (TSE:ACQ) Stock

Key Points

• ATB Capital has raised its price target for AutoCanada from C$25.00 to C$32.00, indicating a potential upside of 0.91% from the current price.
• Multiple analysts have recently upgraded their price targets for AutoCanada, with an average target price now at C$29.58, reflecting a consensus rating of "Moderate Buy."
• Insider trading activity shows increased confidence, with EdgePoint Investment Group acquiring 80,840 shares, indicating strong belief in the company's future performance.

AutoCanada (TSE:ACQ - Get Free Report) had its target price lifted by equities researchers at ATB Capital from C$25.00 to C$32.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. ATB Capital's price target suggests a potential upside of 1.91% from the stock's previous close.

Several other brokerages also recently commented on ACQ. National Bankshares raised their price objective on shares of AutoCanada from C$28.00 to C$36.00 and gave the stock an "outperform" rating in a research report on Thursday, August 14th. Acumen Capital lifted their price target on shares of AutoCanada from C$30.50 to C$39.00 and gave the company a "speculative buy" rating in a research report on Thursday, August 14th. Royal Bank Of Canada lifted their price target on shares of AutoCanada from C$18.00 to C$27.00 in a research report on Tuesday, July 22nd. Cibc World Mkts raised shares of AutoCanada from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 15th. Finally, CIBC lifted their price target on shares of AutoCanada from C$23.00 to C$27.50 in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of C$32.21.

AutoCanada Trading Down 2.9%

Shares of ACQ stock traded down C$0.95 during trading hours on Thursday, hitting C$31.40. 40,191 shares of the company were exchanged, compared to its average volume of 29,784. The firm has a market cap of C$730.73 million, a P/E ratio of -14.49, a P/E/G ratio of 0.30 and a beta of 2.54. AutoCanada has a fifty-two week low of C$13.75 and a fifty-two week high of C$33.87. The company has a debt-to-equity ratio of 451.54, a quick ratio of 0.25 and a current ratio of 1.03. The company has a 50 day simple moving average of C$25.34 and a two-hundred day simple moving average of C$20.39.

Insider Activity at AutoCanada

In other AutoCanada news, insider EdgePoint Investment Group Inc. bought 4,880 shares of the stock in a transaction dated Wednesday, May 21st. The shares were bought at an average cost of C$19.78 per share, for a total transaction of C$96,548.36. In the last quarter, insiders acquired 7,440 shares of company stock worth $151,743. Insiders own 4.90% of the company's stock.

About AutoCanada

AutoCanada Inc operates car dealerships in Canada. The company offers new and used vehicles, spare parts, maintenance services, and customer financing. AutoCanada retails brands such as Chrysler, Dodge, Jeep, Ram, Cadillac, Chevrolet, Buick, GMC, Audi, Volkswagen, BMW, Mini, Infiniti, Nissan, Hyundai, Kia, Fiat, Mitsubishi, and Subaru.