Stingray Group (TSE:RAY.A) Share Price Passes Above 50-Day Moving Average - What's Next?

Key Points

• Stingray Group's shares surpassed their 50-day moving average of C$10.19, trading at C$10.20 with a total volume of 59,307 shares.
• Equities research analysts have raised price targets for Stingray Group's stock, with CIBC increasing its target from C$11.50 to C$13.50, while three analysts rate it as a "Buy" and one as "Hold."
• Insider transactions saw Senior Officer Lloyd Perry Feldman selling 5,000 shares at C$9.95, part of a total of 13,100 shares sold by insiders in the last 90 days.

Stingray Group (TSE:RAY.A - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of C$10.19 and traded as high as C$10.25. Stingray Group shares last traded at C$10.20, with a volume of 59,307 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on RAY.A shares. CIBC boosted their price target on shares of Stingray Group from C$11.50 to C$13.50 in a research report on Thursday, June 12th. Desjardins set a C$11.50 target price on shares of Stingray Group and gave the stock a "buy" rating in a research note on Wednesday, June 11th. Finally, National Bankshares boosted their target price on shares of Stingray Group from C$12.00 to C$13.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Stingray Group presently has a consensus rating of "Moderate Buy" and a consensus price target of C$12.00.

Stingray Group Stock Performance

The company has a quick ratio of 0.69, a current ratio of 1.05 and a debt-to-equity ratio of 154.45. The firm has a market capitalization of C$688.44 million, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 1.13 and a beta of 1.10. The company's 50 day moving average is C$10.19 and its 200-day moving average is C$9.33.

Insider Activity at Stingray Group

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 stock was sold at an average price of C$9.95, for a total value of C$49,750.00. 25.46% of the stock is currently owned by corporate insiders.

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.