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Air Canada (TSE:AC) Shares Up 12.1% - Here's Why

Air Canada logo with Industrials background

Air Canada (TSE:AC - Get Free Report) rose 12.1% during mid-day trading on Friday . The stock traded as high as C$21.25 and last traded at C$21.15. Approximately 4,200,753 shares changed hands during trading, an increase of 86% from the average daily volume of 2,252,881 shares. The stock had previously closed at C$18.87.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Cormark reduced their price objective on shares of Air Canada from C$25.50 to C$21.25 in a research note on Tuesday, July 23rd. CIBC lowered their price objective on Air Canada from C$28.00 to C$25.00 and set an "outperform" rating for the company in a research report on Tuesday, July 23rd. Raymond James reduced their target price on Air Canada from C$28.00 to C$22.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 23rd. Stifel Canada upgraded Air Canada to a "hold" rating in a research note on Tuesday, October 15th. Finally, National Bankshares cut their target price on Air Canada from C$24.00 to C$22.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 25th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of C$23.70.

Read Our Latest Stock Analysis on Air Canada

Air Canada Stock Performance

The company has a market cap of C$7.71 billion, a price-to-earnings ratio of 4.71, a P/E/G ratio of 0.02 and a beta of 2.39. The stock's fifty day simple moving average is C$16.60 and its 200 day simple moving average is C$17.38. The company has a current ratio of 0.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1,070.99.

Air Canada (TSE:AC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported C$0.98 EPS for the quarter, topping the consensus estimate of C$0.85 by C$0.13. Air Canada had a return on equity of 603.77% and a net margin of 7.92%. The business had revenue of C$5.52 billion for the quarter, compared to analyst estimates of C$5.55 billion. As a group, analysts anticipate that Air Canada will post 2.5789474 earnings per share for the current year.

Insider Transactions at Air Canada

In related news, Senior Officer Christophe Hennebelle purchased 1,900 shares of Air Canada stock in a transaction dated Friday, August 9th. The shares were acquired at an average cost of C$15.70 per share, with a total value of C$29,830.00. Company insiders own 0.14% of the company's stock.

About Air Canada

(Get Free Report)

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.

Further Reading

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