Canadian Tire (TSE:CTC) Share Price Crosses Below Fifty Day Moving Average - Here's Why

Key Points

• Canadian Tire's stock price has fallen below its 50-day moving average of C$253.51, last trading at C$245.00 with a low of C$245.00 during recent trading.
• Analysts have downgraded Canadian Tire from a "strong-buy" to a "hold" rating, with a current consensus rating of "Reduce" and an average target price of C$140.00.
• The company's stock is currently valued at a market capitalization of C$13.25 billion with a P/E ratio of 17.91, indicating potential concerns about its growth prospects.

Shares of Canadian Tire Co., Limited (TSE:CTC - Get Free Report) crossed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of C$253.51 and traded as low as C$245.00. Canadian Tire shares last traded at C$245.00, with a volume of 229 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CTC. TD Securities downgraded Canadian Tire from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. BMO Capital Markets lowered shares of Canadian Tire from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of C$140.00.

Canadian Tire Stock Down 2.0%

The company has a debt-to-equity ratio of 150.68, a current ratio of 1.60 and a quick ratio of 1.15. The stock has a market capitalization of C$13.25 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 0.49 and a beta of 0.68. The firm's fifty day moving average is C$252.67 and its 200-day moving average is C$237.51.

Canadian Tire Company Profile

Canadian Tire Corporation, Limited, TSX: CTC.A TSX: CTC or 'CTC', is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions.