Colabor Group (TSE:GCL) Stock Price Down 58.7% - Here's What Happened

Key Points

• Colabor Group's stock price plummeted by 58.7%, reaching a low of C$0.13, with trading volume surging by 4,566% compared to its average.
• Despite the sharp decline, analysts maintain a consensus rating of "Buy" and have adjusted their price targets down to C$1.50.
• Insider Robert John Briscoe sold 100,000 shares at C$0.80 shortly before the stock's significant drop, indicating potential concerns among company executives.

Colabor Group Inc. (TSE:GCL - Get Free Report) shares were down 58.7% during mid-day trading on Saturday . The company traded as low as C$0.13 and last traded at C$0.26. Approximately 5,638,897 shares were traded during mid-day trading, an increase of 4,566% from the average daily volume of 120,844 shares. The stock had previously closed at C$0.63.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on GCL shares. Raymond James Financial cut their target price on Colabor Group from C$1.80 to C$1.50 and set an "outperform" rating for the company in a research note on Monday, July 28th. Desjardins cut their target price on Colabor Group from C$1.75 to C$1.50 and set a "buy" rating for the company in a research note on Monday, July 28th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of C$1.50.

Colabor Group Trading Down 58.7%

The stock has a market cap of C$26.52 million, a PE ratio of -6.50, a price-to-earnings-growth ratio of 0.61 and a beta of -0.17. The company has a debt-to-equity ratio of 153.61, a quick ratio of 0.76 and a current ratio of 1.62. The company's 50-day moving average price is C$0.67 and its 200 day moving average price is C$0.80.

Insider Transactions at Colabor Group

In other news, insider Robert John Briscoe sold 100,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of C$0.80, for a total transaction of C$80,000.00. 25.04% of the stock is currently owned by insiders.

Colabor Group Company Profile

Colabor Group Inc is a wholesaler and distributor of food and related products in Canada. The company operates in two segments Distribution and Wholesale segment. Its Distribution segment operations include the distribution of food products and related products in hotels, restaurants and institutions (HRI) and retail market.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.