Wajax (TSE:WJX) Stock Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Wajax Co. (TSE:WJX) saw its share price exceed the 200-day moving average, reaching a high of C$24.13 and last trading at C$24.11.
• Equities analysts have recently raised their price targets for Wajax, with TD Securities and BMO Capital Markets setting targets of C$25.00 and maintaining a "hold" rating.
• Wajax Corp. specializes in the distribution of industrial components, primarily earning revenue from sales in construction machinery and parts for various industries including mining and forestry.

Wajax Co. (TSE:WJX - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$21.39 and traded as high as C$24.13. Wajax shares last traded at C$24.11, with a volume of 48,676 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have commented on the company. TD Securities raised their price objective on Wajax from C$24.00 to C$25.00 and gave the company a "hold" rating in a research report on Monday, August 11th. BMO Capital Markets lifted their price target on Wajax from C$22.00 to C$25.00 in a research report on Tuesday, July 22nd. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of C$23.38.

Wajax Price Performance

The firm has a fifty day moving average of C$23.42 and a 200 day moving average of C$21.39. The company has a market capitalization of C$524.30 million, a P/E ratio of 14.79, a P/E/G ratio of 0.50 and a beta of 0.79. The company has a current ratio of 2.10, a quick ratio of 0.71 and a debt-to-equity ratio of 116.61.

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.

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