Air Canada (TSE:AC) Shares Pass Below Fifty Day Moving Average – What’s Next?

Air Canada (TSE:AC)’s stock price passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$20.25 and traded as low as C$19.11. Air Canada shares last traded at C$19.18, with a volume of 1,380,780 shares trading hands.

Analysts Set New Price Targets

AC has been the topic of a number of analyst reports. National Bankshares boosted their price objective on Air Canada from C$24.00 to C$26.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. Royal Bank Of Canada upgraded Air Canada from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from C$16.00 to C$25.00 in a research note on Monday, May 12th. Scotiabank boosted their price objective on Air Canada from C$24.00 to C$27.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Stifel Nicolaus boosted their price objective on Air Canada from C$23.00 to C$25.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Finally, Canaccord Genuity Group boosted their price objective on Air Canada from C$27.00 to C$28.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of C$25.63.

Air Canada Price Performance

The firm has a market capitalization of C$6.84 billion, a P/E ratio of 2.70, a price-to-earnings-growth ratio of 0.02 and a beta of 2.39. The company has a debt-to-equity ratio of 400.00, a quick ratio of 1.06 and a current ratio of 0.92. The business has a 50 day simple moving average of C$20.25 and a two-hundred day simple moving average of C$17.69.

Air Canada Company Profile

Air Canada is Canada’s largest airline, generally serving nearly 50 million passengers each year together with its regional partners. Air Canada is a sixth freedom airline, similar to Gulf carriers, which flies many U.S. nationals on long-haul trips with a layover in Canada. In 2019, the company generated CAD 19 billion in total revenue.