AutoCanada (TSE:ACQ) Sets New 1-Year High - Here's Why

AutoCanada Inc. (TSE:ACQ - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$26.18 and last traded at C$25.81, with a volume of 50141 shares changing hands. The stock had previously closed at C$24.95.

Wall Street Analyst Weigh In

Several brokerages recently commented on ACQ. Acumen Capital upgraded AutoCanada from a "hold" rating to a "speculative buy" rating and upped their target price for the company from C$20.00 to C$22.50 in a research report on Friday, March 21st. CIBC raised their price objective on shares of AutoCanada from C$23.00 to C$27.50 in a research report on Thursday. ATB Capital upped their price objective on shares of AutoCanada from C$18.00 to C$18.50 and gave the company a "sector perform" rating in a report on Thursday, March 27th. Canaccord Genuity Group boosted their price target on shares of AutoCanada from C$24.00 to C$28.00 and gave the company a "buy" rating in a research note on Monday. Finally, Cibc World Mkts upgraded shares of AutoCanada from a "strong sell" rating to a "hold" rating in a report on Thursday, May 15th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, AutoCanada has a consensus rating of "Moderate Buy" and a consensus price target of C$21.25.

AutoCanada Stock Performance

The business's 50-day moving average is C$21.72 and its 200 day moving average is C$18.70. 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 market cap of C$684.42 million, a PE ratio of -13.57, a PEG ratio of 0.30 and a beta of 2.54.

Insider Buying and Selling

In other AutoCanada news, insider EdgePoint Investment Group Inc. bought 80,840 shares of the company's stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of C$20.50 per share, for a total transaction of C$1,657,317.01. Over the last three months, insiders purchased 88,280 shares of company stock worth $1,809,060. Corporate 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.