ATB Capital Issues Positive Forecast for AutoCanada (TSE:ACQ) Stock Price

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 price target boosted by research analysts at ATB Capital from C$25.00 to C$32.00 in a report released on Thursday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the stock. ATB Capital's price objective indicates a potential upside of 0.91% from the company's current price.

ACQ has been the subject of several other reports. CIBC lifted their target price on AutoCanada from C$23.00 to C$27.50 in a research note on Thursday, July 17th. Royal Bank Of Canada lifted their target price on AutoCanada from C$18.00 to C$27.00 in a research note on Tuesday, July 22nd. Acumen Capital lifted their target price on AutoCanada from C$30.50 to C$39.00 and gave the stock a "speculative buy" rating in a research note on Thursday. Canaccord Genuity Group boosted their price target on AutoCanada from C$24.00 to C$28.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Cibc World Mkts upgraded AutoCanada from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 15th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of C$29.58.

AutoCanada Stock Performance

Shares of TSE ACQ traded up C$2.48 during midday trading on Thursday, hitting C$31.71. 166,261 shares of the company's stock were exchanged, compared to its average volume of 27,808. The company has a quick ratio of 0.25, a current ratio of 1.03 and a debt-to-equity ratio of 451.54. AutoCanada has a 12 month low of C$13.75 and a 12 month high of C$33.87. The company's 50 day moving average price is C$24.63 and its 200 day moving average price is C$20.07. The firm has a market capitalization of C$737.94 million, a PE ratio of -14.63, a price-to-earnings-growth ratio of 0.30 and a beta of 2.54.

Insiders Place Their Bets

In related news, insider EdgePoint Investment Group Inc. acquired 80,840 shares of the company's stock in a transaction on Friday, May 16th. The stock was purchased at an average cost of C$20.50 per share, with a total value of C$1,657,317.01. Over the last ninety days, insiders acquired 88,280 shares of company stock valued at $1,809,060. 4.90% of the stock is owned by insiders.

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.

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