Wajax (TSE:WJX) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• Wajax Co. shares have surpassed their 200-day moving average, trading as high as C$23.45 and last trading at C$23.30.
• Analyst ratings have varied, with Scotiabank increasing their price target to C$23.50, while National Bankshares lowered theirs to C$20.00.
• The company operates as a Canadian distributor of industrial components, generating most of its revenue from equipment sales for construction and various industrial applications.

Shares of Wajax Co. (TSE:WJX - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$20.51 and traded as high as C$23.45. Wajax shares last traded at C$23.30, with a volume of 12,221 shares traded.

Analyst Upgrades and Downgrades

WJX has been the subject of a number of research reports. National Bankshares reduced their price objective on Wajax from C$22.00 to C$20.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 9th. BMO Capital Markets increased their target price on Wajax from C$22.00 to C$25.00 in a report on Tuesday, July 22nd. TD Securities cut Wajax from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 27th. Finally, Scotiabank increased their target price on Wajax from C$22.00 to C$23.50 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th.

Wajax Price Performance

The stock has a fifty day moving average of C$22.98 and a two-hundred day moving average of C$20.54. The stock has a market capitalization of C$512.05 million, a price-to-earnings ratio of 9.60, a PEG ratio of 0.50 and a beta of 1.80. The company has a current ratio of 2.10, a quick ratio of 0.71 and a debt-to-equity ratio of 116.61.

Wajax Company Profile

Wajax Corp is a Canadian distributor of industrial components. The company's core business is the sale of parts and service support of equipment, power systems, and industrial components through a network of branches in Canada. Most of its revenue is generated from the sale of equipment which includes machinery and components used for construction purposes and its industrial components find utility in businesses like mining, forestry, and material handling for other industrial purposes.