Rogers Communications (TSE:RCI.B) Share Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Rogers Communications shares recently crossed above their 200-day moving average, trading at C$45.39 after reaching a high of C$46.59.
• Analysts have set varying price targets on the stock, with recent reductions by Scotiabank and CIBC, while TD Securities and BMO Capital Markets raised theirs.
• The company is the largest wireless provider in Canada, holding over one third of the market with more than 10 million subscribers.

Rogers Communications Inc. (TSE:RCI.B - Get Free Report) NYSE: RCI passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$39.25 and traded as high as C$46.59. Rogers Communications shares last traded at C$45.39, with a volume of 3,826,102 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RCI.B. TD Securities upped their target price on shares of Rogers Communications from C$57.00 to C$58.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Scotiabank lowered their target price on shares of Rogers Communications from C$49.50 to C$48.50 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. CIBC reduced their price objective on shares of Rogers Communications from C$76.00 to C$55.00 and set an "outperform" rating for the company in a research note on Thursday, July 3rd. Canaccord Genuity Group lifted their price objective on Rogers Communications from C$48.00 to C$52.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, BMO Capital Markets lifted their price target on Rogers Communications from C$55.00 to C$57.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of C$53.29.

Rogers Communications Stock Up 0.4%

The business has a fifty day moving average of C$42.32 and a 200 day moving average of C$39.35. The firm has a market cap of C$19.79 billion, a P/E ratio of 28.80, a P/E/G ratio of 0.32 and a beta of 0.62. The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 436.50.

Rogers Communications Company Profile

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.