Air Canada (TSE:AC) Sets New 1-Year Low Following Analyst Downgrade

Air Canada (TSE:AC)’s stock price hit a new 52-week low during mid-day trading on Friday after BMO Capital Markets lowered their price target on the stock from C$31.00 to C$29.00. BMO Capital Markets currently has an outperform rating on the stock. Air Canada traded as low as C$13.62 and last traded at C$13.69, with a volume of 537812 shares traded. The stock had previously closed at C$13.99.

A number of other equities analysts also recently issued reports on AC. CIBC dropped their price objective on shares of Air Canada from C$28.00 to C$24.00 in a report on Tuesday, February 18th. Raymond James upgraded shares of Air Canada to a “moderate buy” rating in a research note on Tuesday, December 17th. JPMorgan Chase & Co. lowered Air Canada from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from C$34.00 to C$24.00 in a research note on Monday, March 3rd. Scotiabank lifted their target price on Air Canada from C$26.50 to C$29.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Finally, Stifel Nicolaus cut their price target on Air Canada from C$28.00 to C$26.00 in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$24.67.

Insiders Place Their Bets

In other news, Director Vagn Sorensen purchased 11,440 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was acquired at an average price of C$17.40 per share, for a total transaction of C$199,057.14. Also, Senior Officer Craig Landry acquired 7,909 shares of the firm’s stock in a transaction dated Monday, March 31st. The shares were purchased at an average cost of C$13.99 per share, for a total transaction of C$110,646.91. Insiders acquired 32,993 shares of company stock worth $538,251 in the last three months. 0.14% of the stock is owned by company insiders.

Air Canada Stock Down 3.1 %

The company has a 50 day simple moving average of C$16.65 and a two-hundred day simple moving average of C$19.41. The company has a quick ratio of 1.06, a current ratio of 0.92 and a debt-to-equity ratio of 400.00. The company has a market capitalization of C$4.83 billion, a P/E ratio of 1.91, a PEG ratio of 0.02 and a beta of 2.39.

Air Canada Company Profile

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.