AutoCanada (TSE:ACQ) Price Target Raised to C$39.00 at Acumen Capital

Key Points

• Acumen Capital raised the price target for AutoCanada from C$30.50 to C$39.00, indicating a potential upside of 22.99% from the current price.
• Several other research firms have also increased their target prices for AutoCanada, with Royal Bank of Canada setting a target of C$27.00 and BMO Capital Markets reaching C$40.00.
• AutoCanada's stock has seen significant trading activity, recently reaching C$31.71, and has a market capitalization of C$737.94 million.

AutoCanada (TSE:ACQ - Get Free Report) had its target price lifted by Acumen Capital from C$30.50 to C$39.00 in a research note issued on Thursday,BayStreet.CA reports. The firm presently has a "speculative buy" rating on the stock. Acumen Capital's price objective suggests a potential upside of 22.99% from the stock's current price.

A number of other research firms also recently weighed in on ACQ. Royal Bank Of Canada boosted their target price on shares of AutoCanada from C$18.00 to C$27.00 in a report on Tuesday, July 22nd. National Bankshares boosted their target price on shares of AutoCanada from C$28.00 to C$36.00 and gave the stock an "outperform" rating in a report on Thursday. CIBC boosted their target price on shares of AutoCanada from C$23.00 to C$27.50 in a report on Thursday, July 17th. Canaccord Genuity Group boosted their target price on shares of AutoCanada from C$24.00 to C$28.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, BMO Capital Markets upgraded shares of AutoCanada from a "market perform" rating to an "outperform" rating and upped their price target for the company from C$20.00 to C$40.00 in a report on Thursday. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of C$29.58.

AutoCanada Price Performance

Shares of AutoCanada stock traded up C$2.48 during trading hours on Thursday, reaching C$31.71. The company's stock had a trading volume of 166,261 shares, compared to its average volume of 27,808. The firm has a 50 day moving average price of C$24.63 and a 200-day moving average price of C$20.07. AutoCanada has a one year low of C$13.75 and a one year high of C$33.87. The company has a debt-to-equity ratio of 451.54, a current ratio of 1.03 and a quick ratio of 0.25. The stock has a market cap of C$737.94 million, a P/E ratio of -14.63, a P/E/G ratio of 0.30 and a beta of 2.54.

Insider Buying and Selling

In related news, insider EdgePoint Investment Group Inc. bought 80,840 shares of the company's stock in a transaction on Friday, May 16th. The shares were acquired at an average cost of C$20.50 per share, for a total transaction of C$1,657,317.01. In the last 90 days, insiders have bought 88,280 shares of company stock valued at $1,809,060. 4.90% of the stock is owned by corporate 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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