Wajax (TSE:WJX) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Wajax's stock price recently crossed above its 200-day moving average, reaching a high of C$23.73 before closing at C$22.88.
• Analysts have a consensus rating of "Hold" on Wajax shares, with price target increases from firms such as TD Securities and BMO Capital Markets, now set around C$25.00.
• The company operates as a Canadian distributor of industrial components, primarily generating revenue from equipment sales used in sectors like construction, mining, and forestry.

Shares of Wajax Co. (TSE:WJX - Get Free Report) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$20.76 and traded as high as C$23.73. Wajax shares last traded at C$22.88, with a volume of 40,623 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Scotiabank raised their price objective on shares of Wajax from C$22.00 to C$23.50 and gave the company a "sector perform" rating in a research report on Wednesday, May 7th. TD Securities lifted their target price on shares of Wajax from C$24.00 to C$25.00 and gave the company a "hold" rating in a research report on Monday, August 11th. Finally, BMO Capital Markets boosted their price target on shares of Wajax from C$22.00 to C$25.00 in a research note on Tuesday, July 22nd. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of C$23.38.

Wajax Trading Up 2.2%

The company has a debt-to-equity ratio of 116.61, a quick ratio of 0.71 and a current ratio of 2.10. The firm has a market cap of C$517.08 million, a PE ratio of 9.70, a PEG ratio of 0.50 and a beta of 1.80. The stock's 50 day simple moving average is C$23.07 and its 200 day simple moving average is C$20.82.

About Wajax

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.