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

AKITA Drilling Ltd. (TSE:AKT.A)’s share price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$2.08 and traded as low as C$1.67. AKITA Drilling shares last traded at C$1.74, with a volume of 49,156 shares.

Analyst Ratings Changes

Separately, ATB Capital downgraded 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 report on Tuesday, November 4th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of C$2.50.

AKITA Drilling Trading Up 0.6%

The company has a market capitalization of C$68.99 million, a price-to-earnings ratio of 3.16, a price-to-earnings-growth ratio of -0.69 and a beta of 1.25. The company has a quick ratio of 1.54, a current ratio of 1.69 and a debt-to-equity ratio of 33.94. The company’s fifty day simple moving average is C$2.03 and its two-hundred day simple moving average is C$2.08.

About AKITA Drilling

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.