Stingray Digitl (TSE:RAY) Shares Up 12.1% on Analyst Upgrade

Shares of Stingray Digitl (TSE:RAY) shot up 12.1% on Thursday after Desjardins raised their price target on the stock to C$22.00. Desjardins currently has a buy rating on the stock. Stingray Digitl traded as high as C$16.16 and last traded at C$16.16. 103,776 shares changed hands during mid-day trading, an increase of 84% from the average session volume of 56,530 shares. The stock had previously closed at C$14.42.

Several other equities research analysts have also recently commented on the stock. National Bank Financial dropped their price target on shares of Stingray Digitl from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Canaccord Genuity Group boosted their price target on shares of Stingray Digitl from C$20.50 to C$21.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of C$21.00.

Stingray Digitl Stock Performance

The stock has a market capitalization of C$1.14 billion, a P/E ratio of 26.56 and a beta of 1.16. The firm’s 50-day moving average is C$14.74.

Stingray Digitl (TSE:RAY) last posted its quarterly earnings data on Tuesday, June 9th. The company reported C$0.31 earnings per share for the quarter.

About Stingray Digitl

Leveraging our expertise in personal care electrical appliance industry, we aim to promote consumer lifestyles and drive the awareness of personal grooming. Through Pure Beauty, we principally engage in the sourcing and wholesaling of personal care electrical appliances for international brand owners. We also provide product design and development collaboration as a value-added service for our customers. Our customers are brand owners of personal care electrical appliances who market and sell their personal care electrical appliances products to end consumers.