Rogers Communications (TSE:RCI.B) Shares Cross Below 200 Day Moving Average - Here's What Happened

Key Points

• Rogers Communications shares fell below their 200-day moving average of C$50.03, trading as low as C$48.16 and closing at C$48.28 on volume of about 2.1 million shares.
• Analysts remain broadly positive: ten rate the stock a Buy and one a Hold, producing a consensus “Moderate Buy” rating and an average price target of C$59.00.
• The stock was down 1.8% and has a market capitalization of approximately C$26.08 billion; however, its balance sheet shows high leverage, with a debt-to-equity ratio of 436.50.

Rogers Communications Inc. (TSE:RCI.B - Get Free Report) NYSE: RCI's stock price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$50.03 and traded as low as C$48.16. Rogers Communications shares last traded at C$48.28, with a volume of 2,120,367 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RCI.B. Royal Bank Of Canada set a C$60.00 price target on Rogers Communications and gave the company an "outperform" rating in a report on Thursday, July 23rd. Desjardins upgraded Rogers Communications from a "hold" rating to a "buy" rating and set a C$58.00 target price for the company in a research note on Monday, September 14th. Canaccord Genuity Group dropped their target price on Rogers Communications from C$58.00 to C$57.50 and set a "buy" rating on the stock in a report on Thursday, July 23rd. National Bank Financial reduced their price target on Rogers Communications from C$63.00 to C$62.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 7th. Finally, Scotiabank upped their price target on Rogers Communications from C$60.50 to C$61.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 7th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of C$59.00.

Rogers Communications Trading Down 1.8%

The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 436.50. The firm's 50 day moving average is C$49.33 and its two-hundred day moving average is C$50.03. The stock has a market cap of C$26.08 billion, a price-to-earnings ratio of 4.24, a price-to-earnings-growth ratio of 0.32 and a beta of 0.97.

About Rogers Communications

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers' wireless business accounted for 60% of the company's total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years. Rogers' cable segment, which provides about one fourth of total sales, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers' media unit, which owns and operates various television and radio stations and the Toronto Blue Jays.

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