Kinaxis (KXS) Stock Price Down 14.8% Following Analyst Downgrade
Shares of Kinaxis Inc (TSE:KXS) fell 14.8% during trading on Friday after Canaccord Genuity lowered their price target on the stock from C$100.00 to C$97.50. The company traded as low as C$73.00 and last traded at C$75.50. 183,053 shares changed hands during mid-day trading, an increase of 175% from the average session volume of 66,534 shares. The stock had previously closed at C$88.63.
A number of other brokerages also recently issued reports on KXS. CIBC raised their price target on shares of Kinaxis from C$107.00 to C$111.00 in a report on Monday, October 22nd. Royal Bank of Canada raised their price target on shares of Kinaxis from C$105.00 to C$110.00 and gave the stock an “outperform” rating in a report on Monday, September 10th. BMO Capital Markets raised their price target on shares of Kinaxis from C$93.00 to C$105.00 and gave the stock an “outperform” rating in a report on Tuesday, August 7th. Eight Capital raised their price target on shares of Kinaxis from C$100.00 to C$105.00 in a report on Tuesday, August 7th. Finally, TD Securities raised their price target on shares of Kinaxis from C$98.00 to C$105.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Seven analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average target price of C$102.94.
In other news, Director John Ernest Sicard sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of C$98.00, for a total transaction of C$490,000.00.
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About Kinaxis (TSE:KXS)
Kinaxis Inc provides cloud-based software for supply chain operations. The company offers RapidResponse, which provides supply chain planning and analytics capabilities for managing various supply chain management processes, including supply planning, inventory management, order fulfillment, capacity planning, and master scheduling, as well as sales and operations planning process.
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