Air Canada (TSE:AC) Stock Crosses Below 50 Day Moving Average – Here’s Why

Air Canada (TSE:AC) shares crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$18.87 and traded as low as C$17.80. Air Canada shares last traded at C$18.33, with a volume of 2,299,041 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on AC shares. Canaccord Genuity Group reduced their price target on shares of Air Canada from C$28.00 to C$25.00 and set a “buy” rating for the company in a report on Thursday, September 25th. CIBC reduced their price target on shares of Air Canada from C$24.00 to C$22.00 and set an “outperform” rating for the company in a report on Friday, September 26th. Scotiabank reduced their price target on shares of Air Canada from C$27.00 to C$26.00 and set an “outperform” rating for the company in a report on Wednesday, September 3rd. Royal Bank Of Canada set a C$25.00 price target on shares of Air Canada and gave the stock an “outperform” rating in a report on Thursday, October 9th. Finally, Raymond James Financial raised their price target on shares of Air Canada from C$24.00 to C$27.00 and gave the stock a “moderate buy” rating in a report on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Air Canada presently has an average rating of “Moderate Buy” and an average price target of C$24.78.

Air Canada Price Performance

The stock has a market capitalization of C$5.43 billion, a price-to-earnings ratio of 4.64, a PEG ratio of 0.02 and a beta of 1.62. The business’s fifty day moving average price is C$18.87 and its 200-day moving average price is C$18.30. The company has a debt-to-equity ratio of 400.00, a current ratio of 0.92 and a quick ratio of 1.06.

About Air Canada

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.