Stingray Group (TSE:RAY.A) Reaches New 12-Month High - Still a Buy?

Key Points

• Stingray Group's shares reached a new 52-week high of C$11.26, last trading at C$10.57, with a trading volume of 44,364 shares.
• Multiple analysts have set new price targets for Stingray Group, with CIBC raising their target from C$11.50 to C$13.50 and TD Securities increasing theirs from C$11.00 to C$12.00.
• Insider activity includes Senior Officer Lloyd Perry Feldman selling 5,000 shares, contributing to a total of 13,100 shares sold by insiders in the last three months.

Stingray Group (TSE:RAY.A - Get Free Report) shares hit a new 52-week high on Wednesday . The company traded as high as C$11.26 and last traded at C$10.57, with a volume of 44364 shares trading hands. The stock had previously closed at C$10.84.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RAY.A shares. Desjardins set a C$11.50 price target on shares of Stingray Group and gave the stock a "buy" rating in a research note on Wednesday, June 11th. TD Securities upped their target price on shares of Stingray Group from C$11.00 to C$12.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. CIBC upped their target price on shares of Stingray Group from C$11.50 to C$13.50 in a research report on Thursday, June 12th. Finally, National Bankshares upped their target price on shares of Stingray Group from C$12.00 to C$13.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th.

Stingray Group Price Performance

The stock's 50 day moving average price is C$9.87 and its two-hundred day moving average price is C$9.03. The company has a debt-to-equity ratio of 154.45, a current ratio of 1.05 and a quick ratio of 0.69. The firm has a market capitalization of C$564.35 million, a price-to-earnings ratio of -36.62, a PEG ratio of 1.13 and a beta of 1.07.

Insider Activity

In other news, Senior Officer Lloyd Perry Feldman sold 5,000 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of C$9.95, for a total value of C$49,750.00. Insiders have sold a total of 13,100 shares of company stock valued at $129,441 in the last three months. Insiders own 25.46% of the company's stock.

Stingray Group Company Profile

Stingray Group Inc is a music, media, and technology company. The company is a provider of curated direct-to-consumer and B2B services, including audio television channels, radio stations, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps. It operates through the following segments namely the Broadcasting and commercial music segment and Radio segment.

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