Rogers Communications (TSE:RCI.B) Shares Pass Below 200 Day Moving Average – Here’s What Happened

Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI)’s stock price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$49.80 and traded as low as C$38.45. Rogers Communications shares last traded at C$38.55, with a volume of 3,356,801 shares changing hands.

Wall Street Analysts Forecast Growth

RCI.B has been the topic of a number of research reports. Canaccord Genuity Group dropped their price target on shares of Rogers Communications from C$55.00 to C$46.00 in a research note on Tuesday, January 7th. Barclays lowered Rogers Communications from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from C$63.00 to C$39.00 in a research report on Thursday, January 30th. TD Securities reduced their price target on Rogers Communications from C$65.00 to C$63.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Desjardins dropped their price objective on Rogers Communications from C$68.00 to C$61.00 and set a “buy” rating on the stock in a report on Thursday, November 28th. Finally, National Bankshares reduced their target price on shares of Rogers Communications from C$62.00 to C$54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Rogers Communications presently has an average rating of “Moderate Buy” and an average target price of C$60.23.

Rogers Communications Price Performance

The company has a debt-to-equity ratio of 436.50, a current ratio of 0.65 and a quick ratio of 0.58. The stock’s 50 day moving average price is C$43.85 and its two-hundred day moving average price is C$49.80. The firm has a market capitalization of C$16.25 billion, a price-to-earnings ratio of 23.65, a PEG ratio of 0.32 and a beta of 0.62.

About Rogers Communications

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers’ wireless business accounted for 60% of the company’s total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years.