Air Canada (TSE:AC) Stock Price Passes Below 200 Day Moving Average – Here’s Why

Shares of Air Canada (TSE:AC) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$19.45 and traded as low as C$15.19. Air Canada shares last traded at C$15.22, with a volume of 3,246,600 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AC. CIBC reduced their price objective on shares of Air Canada from C$28.00 to C$24.00 in a research note on Tuesday, February 18th. ATB Capital raised their price target on shares of Air Canada from C$28.00 to C$31.00 and gave the company an “outperform” rating in a report on Wednesday, December 18th. Raymond James raised shares of Air Canada to a “moderate buy” rating in a report on Tuesday, December 17th. JPMorgan Chase & Co. lowered Air Canada from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from C$34.00 to C$24.00 in a research note on Monday, March 3rd. Finally, Cormark boosted their target price on Air Canada from C$26.75 to C$29.50 in a research report on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Air Canada has a consensus rating of “Moderate Buy” and a consensus target price of C$25.20.

Air Canada Stock Performance

The company has a quick ratio of 1.06, a current ratio of 0.92 and a debt-to-equity ratio of 400.00. The business has a 50 day moving average price of C$17.98 and a two-hundred day moving average price of C$19.45. The stock has a market cap of C$5.43 billion, a P/E ratio of 2.14, a price-to-earnings-growth ratio of 0.02 and a beta of 2.39.

Insider Activity

In other news, Director Vagn Sorensen acquired 11,440 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was acquired at an average price of C$17.40 per share, with a total value of C$199,057.14. Also, Senior Officer Craig Landry acquired 13,644 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of C$16.75 per share, with a total value of C$228,546.55. Company insiders own 0.14% of the company’s stock.

Air Canada Company Profile

Air Canada provides domestic, U.S. transborder, and international airline services. The company provides scheduled passenger services under the Air Canada Vacations and Air Canada Rouge brand names in the Canadian market, the Canada-U.S. transborder market, and in the international market to and from Canada, as well as through capacity purchase agreements on other regional carriers.