AutoCanada (TSE:ACQ) Share Price Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• AutoCanada's share price has recently surpassed its 200-day moving average, reaching C$34.98, with a high of C$35.21 during trading.
• Equities analysts have upgraded AutoCanada's ratings, with multiple firms raising their target prices, including CIBC and BMO Capital Markets, indicating a shift in market sentiment towards a strong-buy outlook.
• As of now, AutoCanada holds a market cap of C$809.79 million, alongside mixed financial metrics such as a P/E ratio of -43.19 and a high debt-to-equity ratio of 451.54.

AutoCanada Inc. (TSE:ACQ - Get Free Report) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$22.10 and traded as high as C$35.21. AutoCanada shares last traded at C$34.98, with a volume of 56,683 shares traded.

Analysts Set New Price Targets

Several research analysts recently issued reports on ACQ shares. National Bankshares increased their price objective on AutoCanada from C$28.00 to C$36.00 and gave the stock an "outperform" rating in a research note on Thursday, August 14th. Canaccord Genuity Group lifted their price objective on AutoCanada from C$24.00 to C$28.00 and gave the company a "buy" rating in a report on Monday, July 14th. CIBC raised shares of AutoCanada from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from C$32.50 to C$38.00 in a research note on Tuesday, August 26th. Acumen Capital raised their target price on shares of AutoCanada from C$30.50 to C$39.00 and gave the company a "speculative buy" rating in a research report on Thursday, August 14th. Finally, BMO Capital Markets upgraded shares of AutoCanada from a "hold" rating to an "outperform" rating and boosted their price target for the company from C$20.00 to C$40.00 in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of C$33.71.

AutoCanada Price Performance

The company's 50 day simple moving average is C$29.98 and its 200 day simple moving average is C$22.47. 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 company has a market capitalization of C$801.22 million, a PE ratio of -42.73, a price-to-earnings-growth ratio of 0.30 and a beta of 2.48.

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.