Stingray Group (TSE:RAY.A) Stock Price Passes Above 50-Day Moving Average - Here's What Happened

Key Points

• Stingray Group's share price has surpassed its 50-day moving average, reaching C$10.38 during trading, with the last traded price at C$10.35.
• Analysts have set a price target for Stingray Group, with Desjardins recommending a buy** rating at C$11.50 and CIBC raising its target to C$13.50.
• Insider transactions revealed that 25.46% of the stock is owned by insiders, with recent sales totaling 13,100 shares worth $129,441.

Stingray Group (TSE:RAY.A - Get Free Report)'s stock price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$10.19 and traded as high as C$10.38. Stingray Group shares last traded at C$10.35, with a volume of 64,812 shares.

Wall Street Analyst Weigh In

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

Stingray Group Price 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 fifty day moving average price of C$10.19 and a two-hundred day moving average price of C$9.29. The stock has a market capitalization of C$679.64 million, a P/E ratio of 15.21, a P/E/G ratio of 1.13 and a beta of 1.10.

Insider Transactions at Stingray Group

In related news, Senior Officer Lloyd Perry Feldman sold 5,000 shares of Stingray Group stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of C$9.95, for a total transaction of C$49,750.00. Over the last 90 days, insiders sold 13,100 shares of company stock worth $129,441. 25.46% of the stock is currently owned by company insiders.

About Stingray Group

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.