CIBC Issues Positive Forecast for Stingray Group (TSE:RAY.A) Stock Price

Stingray Group (TSE:RAY.A) had its target price raised by CIBC from C$10.50 to C$11.00 in a research report report published on Thursday,BayStreet.CA reports.

Several other brokerages have also recently commented on RAY.A. BMO Capital Markets boosted their target price on Stingray Group from C$9.50 to C$10.50 in a report on Thursday, August 8th. National Bankshares boosted their price target on Stingray Group from C$9.50 to C$10.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada upped their price objective on Stingray Group from C$10.00 to C$11.00 in a report on Thursday.

Stingray Group Stock Up 1.8 %

TSE:RAY.A traded up C$0.14 during mid-day trading on Thursday, hitting C$8.04. The company had a trading volume of 99,005 shares, compared to its average volume of 34,923. The firm has a market capitalization of C$427.25 million, a price-to-earnings ratio of -27.24, a PEG ratio of 1.13 and a beta of 1.07. Stingray Group has a 1 year low of C$4.88 and a 1 year high of C$8.54. The business has a fifty day simple moving average of C$7.35 and a 200-day simple moving average of C$7.54. The company has a current ratio of 1.05, a quick ratio of 0.69 and a debt-to-equity ratio of 154.45.

Insiders Place Their Bets

In other news, Senior Officer Mario Dubois sold 7,500 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of C$8.00, for a total transaction of C$60,000.00. Insiders have sold 18,900 shares of company stock valued at $150,488 in the last 90 days. 25.46% of the stock is currently owned by insiders.

About Stingray Group

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.