TELUS Digital (NYSE:TIXT) Shares Gap Down - Here's What Happened

TELUS Digital (NYSE:TIXT - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $3.06, but opened at $2.58. TELUS Digital shares last traded at $2.60, with a volume of 1,114,591 shares trading hands.

Analysts Set New Price Targets

A number of research firms have commented on TIXT. TD Securities boosted their price target on shares of TELUS Digital from $3.75 to $4.00 and gave the company a "hold" rating in a research report on Friday, February 14th. National Bank Financial raised TELUS Digital from a "sector perform" rating to an "outperform" rating in a report on Friday, May 9th. National Bankshares dropped their price target on TELUS Digital from $4.25 to $3.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. Scotiabank reduced their price objective on TELUS Digital from $5.00 to $3.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 29th. Finally, BMO Capital Markets decreased their target price on TELUS Digital from $4.50 to $3.00 and set a "market perform" rating on the stock in a report on Monday, May 12th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, TELUS Digital currently has a consensus rating of "Hold" and a consensus target price of $4.07.

TELUS Digital Trading Up 7.5%

The firm's 50-day moving average price is $2.62 and its 200 day moving average price is $3.18. The company has a market cap of $788.36 million, a price-to-earnings ratio of -8.17, a P/E/G ratio of 4.71 and a beta of 0.80. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.72.

TELUS Digital (NYSE:TIXT - Get Free Report) last announced its quarterly earnings data on Friday, May 9th. The company reported $0.06 EPS for the quarter, meeting analysts' consensus estimates of $0.06. The firm had revenue of $647.04 million during the quarter, compared to analysts' expectations of $650.18 million. TELUS Digital had a positive return on equity of 5.73% and a negative net margin of 2.30%. As a group, equities analysts expect that TELUS Digital will post 0.32 EPS for the current year.

Hedge Funds Weigh In On TELUS Digital

Institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC raised its stake in TELUS Digital by 1,347.7% in the 1st quarter. Acadian Asset Management LLC now owns 728,179 shares of the company's stock valued at $1,942,000 after acquiring an additional 677,879 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of TELUS Digital by 73.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 541,635 shares of the company's stock valued at $1,457,000 after buying an additional 229,369 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in TELUS Digital in the 1st quarter worth approximately $58,000. Circumference Group LLC grew its stake in TELUS Digital by 8.0% in the 1st quarter. Circumference Group LLC now owns 675,000 shares of the company's stock valued at $1,816,000 after buying an additional 50,000 shares in the last quarter. Finally, PDT Partners LLC raised its holdings in TELUS Digital by 79.9% during the 1st quarter. PDT Partners LLC now owns 28,058 shares of the company's stock valued at $75,000 after acquiring an additional 12,458 shares during the period. Hedge funds and other institutional investors own 59.55% of the company's stock.

TELUS Digital Company Profile

TELUS Digital Inc design, builds, and delivers digital solutions for customer experience (CX) in the Asia-Pacific, the Central America, Europe, Africa, North America, and internationally. The company provides digital experience solutions, such as AI and bots, omnichannel CX, enterprise mobility solutions, cloud contact center, big data analytics, platform transformation, and UX/UI design; and customer experience solutions, including work anywhere/work from home, contact center outsourcing, technical support, sales growth and customer retention, healthcare/patient experience, and debt collection.