Mon Sep 23 21:58:50 UTC 2024: ## AutoCanada Insider Buys Shares Amidst Analyst Downgrades
**Toronto, Canada – September 23, 2024** – AutoCanada Inc. (TSE:ACQ) saw an insider purchase on Wednesday, September 18th, as EdgePoint Investment Group Inc. acquired 37,000 shares at an average price of C$14.98 per share, for a total transaction value of C$554,400.60.
This insider purchase comes amidst a wave of analyst downgrades for AutoCanada. In recent weeks, ATB Capital, Canaccord Genuity Group, BMO Capital Markets, Royal Bank of Canada, and CIBC have all lowered their price targets for the company. Currently, one analyst rates the stock as a sell, seven as a hold, and one as a buy, resulting in a consensus “Hold” rating and a target price of C$19.11.
Despite the analyst sentiment, AutoCanada’s stock rose C$0.36 on Monday, reaching C$15.84, with a trading volume of 22,321 shares. The stock has a 52-week low of C$13.75 and a 52-week high of C$27.54.
AutoCanada is a leading provider of automotive products and services, operating franchised dealerships across Canada. The company offers a wide range of services, including new and used vehicle sales, leasing, parts, maintenance, collision repair, extended service contracts, and after-market products.
Investors will be closely watching AutoCanada’s performance in the coming months, particularly given the mixed signals from both insiders and analysts.
First Piper 