AutoCanada (TSE:ACQ) Reaches New 12-Month High Following Analyst Upgrade

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 during mid-day trading on Thursday after ATB Capital raised their price target on the stock from C$25.00 to C$32.00. ATB Capital currently has a sector perform rating on the stock. AutoCanada traded as high as C$33.50 and last traded at C$33.40, with a volume of 84438 shares traded. The stock had previously closed at C$29.23.

Several other brokerages also recently weighed in on ACQ. National Bankshares upped their price target on AutoCanada from C$28.00 to C$36.00 and gave the stock an "outperform" rating in a report on Thursday, August 14th. BMO Capital Markets raised AutoCanada from a "hold" rating to an "outperform" rating and lifted their price objective for the company from C$20.00 to C$40.00 in a report on Thursday, August 14th. Cibc World Mkts upgraded shares of AutoCanada from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 15th. 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. 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 equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, AutoCanada has an average rating of "Moderate Buy" and an average target price of C$32.21.

Insider Transactions at AutoCanada

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

AutoCanada Price Performance

The stock has a 50 day moving average of C$25.16 and a two-hundred day moving average of C$20.32. The stock has a market cap of C$743.53 million, a PE ratio of -14.74, a PEG 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.

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.