Air Canada (TSE:AC) Sets New 52-Week Low – Here’s Why

Air Canada (TSE:AC)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as C$14.35 and last traded at C$14.46, with a volume of 681570 shares traded. The stock had previously closed at C$14.59.

Analysts Set New Price Targets

A number of brokerages recently commented on AC. ATB Capital raised their price objective on shares of Air Canada from C$28.00 to C$31.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. Raymond James upgraded Air Canada to a “moderate buy” rating in a report on Tuesday, December 17th. Scotiabank increased their price objective on Air Canada from C$26.50 to C$29.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. Stifel Nicolaus cut their target price on Air Canada from C$28.00 to C$26.00 in a research note on Tuesday, February 18th. Finally, BMO Capital Markets lifted their price objective on shares of Air Canada from C$29.00 to C$31.00 in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$25.20.

Air Canada Stock Performance

The stock has a market cap of C$5.12 billion, a P/E ratio of 2.02, a price-to-earnings-growth ratio of 0.02 and a beta of 2.39. The company has a current ratio of 0.92, a quick ratio of 1.06 and a debt-to-equity ratio of 400.00. The stock has a 50 day simple moving average of C$17.39 and a 200 day simple moving average of C$19.43.

Insiders Place Their Bets

In other news, Director Vagn Sorensen purchased 11,440 shares of Air Canada stock in a transaction dated Wednesday, February 19th. The shares were bought at an average cost of C$17.40 per share, for a total transaction of C$199,057.14. Also, Senior Officer Craig Landry acquired 13,644 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of C$16.75 per share, with a total value of C$228,546.55. Corporate insiders own 0.14% of the company’s stock.

About Air Canada

Air Canada provides domestic, U.S. transborder, and international airline services. The company provides scheduled passenger services under the Air Canada Vacations and Air Canada Rouge brand names in the Canadian market, the Canada-U.S. transborder market, and in the international market to and from Canada, as well as through capacity purchase agreements on other regional carriers.