AutoCanada (OTCMKTS:AOCIF) Shares Up 29.4% – Here’s Why

Shares of AutoCanada Inc. (OTCMKTS:AOCIF) shot up 29.4% on Wednesday. The company traded as high as $20.50 and last traded at $20.50. 2,569 shares changed hands during trading, a decline of 75% from the average daily volume of 10,481 shares. The stock had previously closed at $15.84.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AOCIF. Royal Bank Of Canada reissued a “sector perform” rating on shares of AutoCanada in a research report on Tuesday, August 18th. Desjardins initiated coverage on AutoCanada in a research report on Tuesday, October 27th. They set a “hold” rating for the company. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of AutoCanada in a report on Friday, August 14th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of AutoCanada in a research note on Friday, August 14th. Four research analysts have rated the stock with a Hold rating. According to MarketBeat, AutoCanada currently has an average rating of “Hold”.

AutoCanada Price Performance

The stock’s 50 day simple moving average is $15.91 and its 200 day simple moving average is $16.41.

AutoCanada Company Profile

AutoCanada Inc is an automotive dealership group that operates franchised dealerships in Canada and the United States. The company sells new and used vehicles from a range of major automobile manufacturers and supports customers through vehicle financing and insurance products.

In addition to vehicle sales, AutoCanada provides automotive repair and maintenance services, sells replacement parts, and offers collision-repair services at selected locations. Its operations also include dealership-related digital and customer-service capabilities intended to support vehicle purchases and ownership throughout the customer lifecycle.

AutoCanada was established in 2006 and has expanded through the acquisition and operation of automotive dealerships.