Air Canada (TSE:AC) Share Price Passes Above Fifty Day Moving Average – Here’s Why

Shares of Air Canada (TSE:AC) crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of C$16.37 and traded as high as C$19.28. Air Canada shares last traded at C$19.25, with a volume of 2,540,606 shares.

Analyst Ratings Changes

AC has been the topic of several research reports. BMO Capital Markets dropped their price objective on Air Canada from C$33.00 to C$28.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Stifel Canada raised Air Canada to a “hold” rating in a report on Tuesday, October 15th. Cormark lowered their price target on Air Canada from C$25.50 to C$21.25 in a report on Tuesday, July 23rd. Scotiabank raised their price target on Air Canada from C$22.00 to C$24.00 and gave the stock an “outperform” rating in a report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. lowered their price target on Air Canada from C$41.00 to C$36.00 in a report on Thursday, August 8th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Air Canada has a consensus rating of “Moderate Buy” and a consensus price target of C$23.70.

Air Canada Stock Performance

The stock’s 50-day moving average price is C$16.53 and its 200-day moving average price is C$17.38. The company has a debt-to-equity ratio of 1,070.99, a quick ratio of 1.06 and a current ratio of 0.85. The company has a market capitalization of C$6.88 billion, a price-to-earnings ratio of 4.28, a P/E/G ratio of 0.02 and a beta of 2.39.

Air Canada (TSE:AC) last posted its quarterly earnings results on Wednesday, August 7th. The company reported C$0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.85 by C$0.13. Air Canada had a net margin of 7.92% and a return on equity of 603.77%. The company had revenue of C$5.52 billion during the quarter, compared to the consensus estimate of C$5.55 billion. As a group, equities research analysts expect that Air Canada will post 2.5789474 earnings per share for the current year.

Insider Activity

In related news, Senior Officer Christophe Hennebelle purchased 1,900 shares of Air Canada stock in a transaction dated Friday, August 9th. The stock was bought at an average cost of C$15.70 per share, for a total transaction of C$29,830.00. Insiders own 0.14% of the company’s stock.

About Air Canada

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.