AKITA Drilling (TSE:AKT.A) Stock Crosses Below 200 Day Moving Average – Here’s What Happened

Shares of AKITA Drilling Ltd. (TSE:AKT.A) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$2.08 and traded as low as C$1.85. AKITA Drilling shares last traded at C$1.90, with a volume of 22,495 shares traded.

Wall Street Analyst Weigh In

Separately, ATB Capital downgraded shares of AKITA Drilling from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from C$3.00 to C$2.50 in a research note on Tuesday, November 4th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, AKITA Drilling has an average rating of “Hold” and an average target price of C$2.50.

AKITA Drilling Stock Performance

The company has a debt-to-equity ratio of 33.94, a quick ratio of 1.54 and a current ratio of 1.69. The firm has a market cap of C$75.34 million, a P/E ratio of 3.45, a P/E/G ratio of -0.69 and a beta of 1.25. The company’s 50 day moving average is C$2.02 and its 200 day moving average is C$2.08.

AKITA Drilling Company Profile

Akita Drilling Ltd is a Canadian oil and gas drilling contractor. The company is engaged in providing contract drilling services, primarily to the oil and gas industry. The company owns and operates over 30 drilling rigs It is also involved in the drilling related to potash mining and the development of storage caverns.