Wajax (TSE:WJX) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Wajax Co. shares have recently surpassed their 200-day moving average, reaching a high of C$24.00 and trading at C$23.98.
• Multiple analysts have raised their target prices for Wajax stock, with BMO Capital Markets setting it at C$25.00, indicating positive growth expectations.
• The stock holds a market capitalization of C$524.07 million and a P/E ratio of 9.83, suggesting potential value for investors.

Wajax Co. (TSE:WJX - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$20.88 and traded as high as C$24.00. Wajax shares last traded at C$23.98, with a volume of 42,685 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Wajax from C$22.00 to C$25.00 in a research report on Tuesday, July 22nd. Scotiabank boosted 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. Finally, TD Securities upped their target price on shares of Wajax from C$24.00 to C$25.00 and gave the stock a "hold" rating in a research report on Monday, August 11th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of C$23.38.

Wajax Trading Down 2.7%

The business's 50 day moving average price is C$23.20 and its two-hundred day moving average price is C$20.94. The company has a market capitalization of C$517.55 million, a price-to-earnings ratio of 14.60, a price-to-earnings-growth ratio of 0.50 and a beta of 0.80. The company has a debt-to-equity ratio of 116.61, a quick ratio of 0.71 and a current ratio of 2.10.

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.