Royal Bank of Canada Forecasts Strong Price Appreciation for Stingray Group (TSE:RAY.A) Stock

Stingray Group (TSE:RAY.A) had its price objective hoisted by equities research analysts at Royal Bank of Canada from C$10.00 to C$11.00 in a report issued on Thursday,BayStreet.CA reports. Royal Bank of Canada’s price objective points to a potential upside of 37.50% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. BMO Capital Markets raised their target price on shares of Stingray Group from C$9.50 to C$10.50 in a research note on Thursday, August 8th. National Bankshares raised their price objective on shares of Stingray Group from C$9.50 to C$10.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th.

Stingray Group Stock Performance

Shares of TSE RAY.A traded down C$0.10 during trading on Thursday, hitting C$8.00. The company had a trading volume of 76,938 shares, compared to its average volume of 34,495. Stingray Group has a 12 month low of C$4.88 and a 12 month high of C$8.54. The company has a debt-to-equity ratio of 154.45, a quick ratio of 0.69 and a current ratio of 1.05. The firm has a market capitalization of C$425.12 million, a P/E ratio of -27.59, a price-to-earnings-growth ratio of 1.13 and a beta of 1.07. The stock has a 50 day simple moving average of C$7.35 and a 200 day simple moving average of C$7.54.

Insider Activity at Stingray Group

In other news, Senior Officer Mario Dubois sold 7,200 shares of Stingray Group stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of C$7.94, for a total value of C$57,168.00. In the last quarter, insiders sold 18,900 shares of company stock valued at $150,488. Insiders own 25.46% of the company’s stock.

Stingray Group Company Profile

Stingray Group Inc operates as a music, media, and technology company worldwide. The company provides Stingray Music, a multiplatform music service available on television (TV), the internet, and through smartphones and tablets; Calm Radio, a music site for relaxation; Calm Christian, that offers Christian worship music; Qello Concerts by Stingray, an over-the-top streaming service on TV, mobile, and the web; and Stingray DJAZZ, a TV channel for jazz and jazz-related genres.