CI Financial (TSE:CIX) Trading Up 30.1% – Here’s Why

CI Financial Corp. (TSE:CIX)’s stock price was up 30.1% during mid-day trading on Monday . The stock traded as high as C$31.36 and last traded at C$31.23. Approximately 28,110 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 416,334 shares. The stock had previously closed at C$24.01.

Analyst Ratings Changes

Several research firms have commented on CIX. TD Securities downgraded shares of CI Financial from a “buy” rating to a “sell” rating and upped their price objective for the company from C$28.00 to C$32.00 in a report on Tuesday. Scotiabank boosted their price target on CI Financial from C$25.00 to C$26.00 in a research note on Friday, November 15th. BMO Capital Markets boosted their target price on CI Financial from C$22.00 to C$25.00 in a research note on Friday, November 15th. Keefe, Bruyette & Woods downgraded CI Financial from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from C$28.00 to C$31.50 in a research note on Tuesday. Finally, Raymond James boosted their target price on CI Financial from C$27.00 to C$32.00 in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of C$27.94.

CI Financial Price Performance

The company has a 50 day moving average price of C$21.36 and a 200-day moving average price of C$17.60. The company has a quick ratio of 0.17, a current ratio of 0.34 and a debt-to-equity ratio of 577.47. The company has a market cap of C$4.38 billion, a price-to-earnings ratio of -115.52, a P/E/G ratio of 0.04 and a beta of 1.67.

CI Financial Company Profile

CI Financial Corp. is a publicly owned asset management holding company. Through its subsidiaries, the firm manages separate client focused equity, fixed income, and alternative investments portfolios. It also manages mutual funds, hedge funds, and fund of funds for its clients through its subsidiaries.