AutoCanada (TSE:ACQ) Shares Pass Above 200 Day Moving Average - What's Next?

Key Points

• AutoCanada's share price has recently surpassed its 200-day moving average, trading at C$31.32, which reflects a significant increase compared to its prior average of C$20.15.
• A number of analysts have raised their price targets for AutoCanada, with the most optimistic being Acumen Capital, increasing it to C$39.00 and giving the stock a "speculative buy" rating.
• Insiders have shown confidence in the company, purchasing a total of 7,440 shares worth approximately C$151,743 over the last three months.

AutoCanada Inc. (TSE:ACQ - Get Free Report)'s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$20.15 and traded as high as C$33.87. AutoCanada shares last traded at C$31.32, with a volume of 205,389 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. National Bankshares raised 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. ATB Capital raised their price target on AutoCanada from C$25.00 to C$32.00 and gave the stock a "sector perform" rating in a report on Thursday. Royal Bank Of Canada increased their price objective on AutoCanada from C$18.00 to C$27.00 in a research report on Tuesday, July 22nd. Canaccord Genuity Group increased their price objective on AutoCanada from C$24.00 to C$28.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Acumen Capital increased their price objective on AutoCanada from C$30.50 to C$39.00 and gave the stock a "speculative buy" rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of C$32.79.

AutoCanada Stock Up 7.2%

The company has a quick ratio of 0.25, a current ratio of 1.03 and a debt-to-equity ratio of 451.54. The company has a market cap of C$728.87 million, a PE ratio of -14.45, a P/E/G ratio of 0.30 and a beta of 2.54. The stock has a 50-day moving average of C$24.80 and a 200-day moving average of C$20.15.

Insider Transactions at AutoCanada

In other news, insider EdgePoint Investment Group Inc. purchased 4,880 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was purchased at an average price of C$19.78 per share, with a total value of C$96,548.36. Insiders bought a total of 7,440 shares of company stock worth $151,743 over the last three months. 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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