AutoCanada (TSE:ACQ) Trading Down 14.5% – Here’s Why

AutoCanada Inc. (TSE:ACQ)’s stock price fell 14.5% during mid-day trading on Friday . The stock traded as low as C$17.24 and last traded at C$18.82. 124,154 shares were traded during mid-day trading, an increase of 244% from the average session volume of 36,107 shares. The stock had previously closed at C$22.00.

Analyst Ratings Changes

A number of brokerages recently commented on ACQ. BMO Capital Markets raised AutoCanada from a “hold” rating to an “outperform” rating and lifted their price objective for the stock from C$20.00 to C$40.00 in a research note on Thursday, August 14th. Royal Bank Of Canada lowered their price target on AutoCanada from C$27.00 to C$23.00 and set a “sector perform” rating for the company in a research note on Friday, August 15th. ATB Capital reduced their price objective on shares of AutoCanada from C$32.00 to C$30.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 29th. Canaccord Genuity Group upped their target price on shares of AutoCanada from C$34.00 to C$36.00 in a research note on Tuesday, November 4th. Finally, CIBC raised shares of AutoCanada from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from C$32.50 to C$38.00 in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$34.57.

AutoCanada Stock Performance

The stock has a fifty day simple moving average of C$29.55 and a 200-day simple moving average of C$26.15. The stock has a market cap of C$437.07 million, a P/E ratio of -23.31, a PEG ratio of 0.30 and a beta of 2.37. The company has a debt-to-equity ratio of 451.54, a quick ratio of 0.25 and a current ratio of 1.03.

AutoCanada Company Profile

AutoCanada Inc operates car dealerships in Canada. The company offers new and used vehicles, spare parts, maintenance services, and customer financing. AutoCanada retails brands such as Chrysler, Dodge, Jeep, Ram, Cadillac, Chevrolet, Buick, GMC, Audi, Volkswagen, BMW, Mini, Infiniti, Nissan, Hyundai, Kia, Fiat, Mitsubishi, and Subaru.