AutoCanada (TSE:ACQ) Price Target Cut to C$15.00 by Analysts at CIBC

AutoCanada (TSE:ACQ) had its price objective reduced by CIBC from C$15.50 to C$15.00 in a research note released on Friday morning,BayStreet.CA reports.

A number of other brokerages have also recently weighed in on ACQ. Canaccord Genuity Group dropped their target price on shares of AutoCanada from C$18.00 to C$15.00 and set a “hold” rating on the stock in a report on Wednesday, August 14th. National Bankshares raised shares of AutoCanada from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from C$17.00 to C$21.00 in a report on Thursday. BMO Capital Markets dropped their target price on shares of AutoCanada from C$19.50 to C$19.00 in a report on Thursday. Royal Bank of Canada dropped their target price on shares of AutoCanada from C$21.00 to C$18.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 14th. Finally, National Bank Financial raised shares of AutoCanada from a “hold” rating to a “strong-buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of C$19.44.

AutoCanada Price Performance

Shares of TSE:ACQ remained flat at C$18.90 during midday trading on Friday. 48,600 shares of the company were exchanged, compared to its average volume of 47,896. The company has a debt-to-equity ratio of 444.38, a current ratio of 1.03 and a quick ratio of 0.25. The company’s 50 day simple moving average is C$15.56 and its two-hundred day simple moving average is C$17.74. The stock has a market cap of C$438.29 million, a PE ratio of -12.04, a P/E/G ratio of 0.30 and a beta of 2.54. AutoCanada has a fifty-two week low of C$13.75 and a fifty-two week high of C$27.44.

AutoCanada (TSE:ACQ) last issued its earnings results on Tuesday, August 13th. The company reported C($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of C$0.34 by C($1.30). The business had revenue of C$1.60 billion for the quarter, compared to analyst estimates of C$1.62 billion. AutoCanada had a negative return on equity of 6.62% and a negative net margin of 0.59%. As a group, sell-side analysts forecast that AutoCanada will post 2.4311927 earnings per share for the current year.

Insider Activity

In other news, insider EdgePoint Investment Group Inc. bought 18,200 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was bought at an average cost of C$14.88 per share, for a total transaction of C$270,901.54. In the last quarter, insiders acquired 119,500 shares of company stock worth $1,779,856. Corporate insiders own 4.90% 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.