Air Canada (TSE:AC) Trading 11.6% Higher – What’s Next?

Air Canada (TSE:AC)’s stock price rose 11.6% during trading on Friday . The company traded as high as C$17.33 and last traded at C$17.08. Approximately 4,501,571 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 3,375,003 shares. The stock had previously closed at C$15.30.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AC. CIBC reduced their price objective on Air Canada from C$24.00 to C$21.00 in a research note on Thursday, April 10th. BMO Capital Markets cut their target price on Air Canada from C$31.00 to C$29.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. JPMorgan Chase & Co. lowered shares of Air Canada from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from C$34.00 to C$24.00 in a research note on Monday, March 3rd. Canaccord Genuity Group reduced their target price on shares of Air Canada from C$29.00 to C$24.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Finally, Jefferies Financial Group cut shares of Air Canada from a “hold” rating to an “underperform” rating and dropped their price target for the stock from C$18.00 to C$12.00 in a research note on Tuesday, April 1st. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Air Canada has a consensus rating of “Moderate Buy” and an average target price of C$23.50.

Air Canada Stock Performance

The firm has a 50 day moving average of C$14.61 and a 200-day moving average of C$18.95. The company has a market cap of C$6.26 billion, a P/E ratio of 2.47, a PEG ratio of 0.02 and a beta of 2.39. The company has a quick ratio of 1.06, a current ratio of 0.92 and a debt-to-equity ratio of 400.00.

Insider Transactions at Air Canada

In related news, Senior Officer Craig Landry purchased 7,909 shares of Air Canada stock in a transaction dated Monday, March 31st. The stock was purchased at an average cost of C$13.99 per share, with a total value of C$110,646.91. Also, Director Vagn Sorensen acquired 11,440 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were bought at an average cost of C$17.40 per share, for a total transaction of C$199,057.14. In the last 90 days, insiders have bought 32,993 shares of company stock valued at $538,251. 0.14% of the stock is currently owned by corporate insiders.

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.