CIBC Forecasts Strong Price Appreciation for Stingray Group (TSE:RAY.A) Stock

Stingray Group (TSE:RAY.A) had its price target upped by CIBC from C$11.00 to C$11.50 in a report released on Friday morning,BayStreet.CA reports.

A number of other brokerages have also recently issued reports on RAY.A. Royal Bank of Canada upped their price objective on Stingray Group from C$10.00 to C$11.00 in a research note on Thursday, November 7th. BMO Capital Markets upped their price target on shares of Stingray Group from C$10.50 to C$11.00 and gave the stock a “market perform” rating in a research report on Friday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$10.70.

Stingray Group Price Performance

TSE:RAY.A opened at C$8.55 on Friday. Stingray Group has a 52-week low of C$6.76 and a 52-week high of C$9.05. The company has a market cap of C$454.35 million, a P/E ratio of -29.48, a P/E/G ratio of 1.13 and a beta of 1.07. 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 stock’s 50-day simple moving average is C$7.71 and its 200 day simple moving average is C$7.69.

Insider Transactions at Stingray Group

In other Stingray Group news, Senior Officer Mario Dubois sold 4,200 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of C$8.30, for a total transaction of C$34,860.00. Also, Senior Officer Lloyd Perry Feldman sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of C$7.50, for a total value of C$60,008.00. In the last three months, insiders sold 22,800 shares of company stock worth $180,088. 25.46% of the stock is owned by company 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.