AKITA Drilling (TSE:AKT.A) Stock Passes Below 200-Day Moving Average – What’s Next?

AKITA Drilling Ltd. (TSE:AKT.A) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$2.08 and traded as low as C$1.81. AKITA Drilling shares last traded at C$1.81, with a volume of 88,815 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, ATB Capital cut AKITA Drilling from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from C$3.00 to C$2.50 in a research note on Tuesday, November 4th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of C$2.50.

AKITA Drilling Price Performance

The business has a 50 day moving average price of C$2.06 and a two-hundred day moving average price of C$2.08. The stock has a market cap of C$71.77 million, a PE ratio of 3.29, a P/E/G ratio of -0.69 and a beta of 1.25. The company has a debt-to-equity ratio of 33.94, a quick ratio of 1.54 and a current ratio of 1.69.

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.