AutoCanada (TSE:ACQ) Stock Price Down 8.1%

AutoCanada Inc. (TSE:ACQ) shares traded down 8.1% during mid-day trading on Thursday . The stock traded as low as C$20.89 and last traded at C$22.42. 205,897 shares traded hands during mid-day trading, an increase of 505% from the average session volume of 34,007 shares. The stock had previously closed at C$24.39.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Acumen Capital dropped their price target on AutoCanada from C$33.00 to C$24.50 and set a “speculative buy” rating on the stock in a research note on Friday, March 8th. CIBC upped their target price on AutoCanada from C$22.00 to C$25.00 and gave the stock a “neutral” rating in a research report on Friday, April 19th. Canaccord Genuity Group lowered their target price on AutoCanada from C$22.00 to C$20.00 and set a “hold” rating on the stock in a research report on Friday, March 8th. Cormark set a C$35.00 price objective on AutoCanada in a research note on Tuesday, March 19th. Finally, BMO Capital Markets reduced their price objective on AutoCanada from C$24.00 to C$23.00 and set a “market perform” rating for the company in a research note on Friday, March 8th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of C$27.95.

AutoCanada Price Performance

The company has a current ratio of 1.04, a quick ratio of 0.25 and a debt-to-equity ratio of 396.08. The business has a 50-day moving average price of C$24.04 and a 200 day moving average price of C$22.49. The stock has a market cap of C$495.57 million, a PE ratio of 10.66, a PEG ratio of 0.30 and a beta of 2.60.

AutoCanada (TSE:ACQ) last issued its quarterly earnings results on Thursday, March 7th. The company reported C$0.69 EPS for the quarter, beating analysts’ consensus estimates of C$0.56 by C$0.13. AutoCanada had a return on equity of 10.23% and a net margin of 0.78%. The firm had revenue of C$1.48 billion for the quarter, compared to analysts’ expectations of C$1.43 billion. As a group, research analysts forecast that AutoCanada Inc. will post 3.0424469 earnings per share for the current fiscal year.

Insider Activity

In other news, insider EdgePoint Investment Group Inc. purchased 3,750 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were purchased at an average price of C$23.92 per share, with a total value of C$89,694.38. Insiders have bought 34,650 shares of company stock valued at $885,855 in the last 90 days. Insiders own 4.70% of the company’s stock.

About AutoCanada

AutoCanada Inc, through its subsidiaries, operates franchised automobile dealerships and related business. The company offers a range of automotive products and services, including new and used vehicles, vehicle leasing, vehicle parts, vehicle maintenance and collision repair services, and extended service contracts; and vehicle protection, after-market products, and auction services.