AutoCanada (TSE:ACQ) Sets New 52-Week High - Here's Why

Key Points

• AutoCanada's share price reached a new 52-week high of C$33.50, showing a significant increase from its previous closing price of C$29.23.
• Several analysts have upgraded their price targets for AutoCanada, with Canaccord Genuity setting a target of C$28.00 and CIBC raising it to C$27.50, indicating positive market sentiment.
• Insider trading activity shows confidence in the company as insiders purchased a total of 88,280 shares valued at approximately $1.8 million over the last three months.

AutoCanada Inc. (TSE:ACQ - Get Free Report)'s share price reached a new 52-week high on Thursday . The company traded as high as C$33.50 and last traded at C$33.40, with a volume of 84438 shares changing hands. The stock had previously closed at C$29.23.

Analyst Upgrades and Downgrades

ACQ has been the topic of several research analyst reports. CIBC raised their price target on shares of AutoCanada from C$23.00 to C$27.50 in a research report on Thursday, July 17th. Cibc World Mkts raised shares of AutoCanada from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 15th. Canaccord Genuity Group increased 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, Royal Bank Of Canada increased their price target on shares of AutoCanada from C$18.00 to C$27.00 in a research note on Tuesday, July 22nd. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of C$22.25.

AutoCanada Stock Up 13.1%

The firm's 50 day moving average price is C$24.63 and its two-hundred day moving average price is C$20.07. The company has a market cap of C$769.59 million, a P/E ratio of -15.26, a price-to-earnings-growth ratio of 0.30 and a beta of 2.54. The company has a debt-to-equity ratio of 451.54, a quick ratio of 0.25 and a current ratio of 1.03.

Insider Buying and Selling

In other AutoCanada news, insider EdgePoint Investment Group Inc. purchased 4,880 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was acquired at an average price of C$19.78 per share, for a total transaction of C$96,548.36. In the last three months, insiders have acquired 88,280 shares of company stock worth $1,809,060. 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.

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