Wajax (TSE:WJX) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

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) passed 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 analysts have commented on WJX shares. BMO Capital Markets upped their price objective on shares of Wajax from C$22.00 to C$25.00 in a research note on Tuesday, July 22nd. Scotiabank increased their price objective 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. Finally, TD Securities increased their price objective on Wajax from C$24.00 to C$25.00 and gave the stock a "hold" rating in a report on Monday, August 11th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Wajax currently has an average rating of "Hold" and an average price target of C$23.38.

Wajax Stock Performance

The company has a market capitalization of C$517.77 million, a price-to-earnings ratio of 14.61, 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 current ratio of 2.10 and a quick ratio of 0.71. The stock has a 50 day moving average price of C$23.25 and a two-hundred day moving average price of C$20.98.

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.