TELUS Digital (NYSE:TIXT) Trading 7.7% Higher - Here's What Happened

TELUS Digital (NYSE:TIXT - Get Free Report) traded up 7.7% during mid-day trading on Friday . The stock traded as high as $2.79 and last traded at $2.86. 191,233 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 406,053 shares. The stock had previously closed at $2.66.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. National Bank Financial raised shares of TELUS Digital from a "sector perform" rating to an "outperform" rating in a report on Friday, May 9th. Scotiabank reduced their price target on shares of TELUS Digital from $5.00 to $3.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. Barclays reduced their price target on shares of TELUS Digital from $5.00 to $3.00 and set an "equal weight" rating on the stock in a report on Friday, April 25th. TD Securities upped their price target on shares of TELUS Digital from $3.75 to $4.00 and gave the company a "hold" rating in a report on Friday, February 14th. Finally, BMO Capital Markets reduced their price target on shares of 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 equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, TELUS Digital presently has a consensus rating of "Hold" and an average target price of $4.07.

TELUS Digital Stock Up 0.2%

The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.72. The firm has a market cap of $786.98 million, a PE ratio of -8.16, a P/E/G ratio of 4.71 and a beta of 0.80. The firm's 50 day moving average is $2.62 and its 200-day moving average is $3.18.

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

Hedge Funds Weigh In On TELUS Digital

A number of large investors have recently bought and sold shares of the stock. Mackenzie Financial Corp raised its stake in TELUS Digital by 31.1% during the fourth quarter. Mackenzie Financial Corp now owns 10,868,451 shares of the company's stock worth $42,673,000 after purchasing an additional 2,578,241 shares during the period. QV Investors Inc. raised its stake in TELUS Digital by 0.7% during the first quarter. QV Investors Inc. now owns 6,052,635 shares of the company's stock worth $16,233,000 after purchasing an additional 41,235 shares during the period. Clearbridge Investments LLC raised its stake in TELUS Digital by 27.2% during the fourth quarter. Clearbridge Investments LLC now owns 5,606,794 shares of the company's stock worth $21,979,000 after purchasing an additional 1,198,312 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. raised its stake in shares of TELUS Digital by 1.2% in the 4th quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 3,189,850 shares of the company's stock valued at $12,522,000 after acquiring an additional 38,587 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of TELUS Digital by 209.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,095,220 shares of the company's stock valued at $8,222,000 after acquiring an additional 1,418,119 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.