Rogers Communications (TSE:RCI.B) Shares Pass Below Two Hundred Day Moving Average - Here's Why

Key Points

• Rogers Communications shares briefly fell below their 200-day moving average of C$50.29, reaching C$50.27 before last trading at C$50.80 on volume of nearly 2.93 million shares.
• Analyst sentiment remains positive overall: nine analysts rate the stock a Buy and two rate it a Hold, producing a consensus “Moderate Buy” rating and an average target price of C$59.00.
• Rogers has a C$27.44 billion market capitalization and derives most of its revenue from wireless services, while carrying significant leverage with a debt-to-equity ratio of 436.50.

Shares of Rogers Communications Inc. (TSE:RCI.B - Get Free Report) NYSE: RCI crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$50.29 and traded as low as C$50.27. Rogers Communications shares last traded at C$50.80, with a volume of 2,928,010 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Canaccord Genuity Group cut their price objective on Rogers Communications from C$58.00 to C$57.50 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. Raymond James Financial set a C$68.00 target price on Rogers Communications and gave the company an "outperform" rating in a report on Thursday, July 16th. TD boosted their target price on Rogers Communications from C$60.00 to C$65.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Desjardins set a C$58.00 price target on Rogers Communications and gave the stock a "hold" rating in a report on Monday, August 24th. Finally, National Bank Financial decreased their price objective on Rogers Communications from C$63.00 to C$62.00 and set an "outperform" rating for the company in a research note on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of C$59.00.

Rogers Communications Stock Performance

The stock's 50-day simple moving average is C$48.64 and its 200 day simple moving average is C$50.29. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65. The company has a market capitalization of C$27.44 billion, a PE ratio of 4.46, a P/E/G 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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