Ceres Power (LON:CWR) Stock Price Down 38.5% – Here’s What Happened

Ceres Power Holdings plc (LON:CWR)’s stock price dropped 38.5% during mid-day trading on Thursday . The company traded as low as GBX 68.05 ($0.86) and last traded at GBX 80.55 ($1.01). Approximately 8,976,891 shares changed hands during trading, an increase of 577% from the average daily volume of 1,325,255 shares. The stock had previously closed at GBX 131 ($1.65).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reiterated a “buy” rating and issued a GBX 650 ($8.18) price objective on shares of Ceres Power in a research note on Wednesday, January 29th.

Ceres Power Stock Performance

The stock has a market cap of £157.02 million, a PE ratio of -3.89 and a beta of 1.60. The stock has a fifty day moving average of GBX 159.68 and a 200-day moving average of GBX 186.33. The company has a quick ratio of 12.18, a current ratio of 6.48 and a debt-to-equity ratio of 1.54.

Insider Activity at Ceres Power

In related news, insider Stuart Paynter purchased 7,151 shares of the stock in a transaction dated Wednesday, January 29th. The shares were acquired at an average cost of GBX 139 ($1.75) per share, with a total value of £9,939.89 ($12,507.73). Also, insider Dame Julia King purchased 30,200 shares of the business’s stock in a transaction dated Thursday, November 28th. The stock was bought at an average price of GBX 165 ($2.08) per share, with a total value of £49,830 ($62,702.91). 40.29% of the stock is owned by insiders.

Ceres Power Company Profile

Ceres is a leading developer of clean energy technology: electrolysis for the creation of green hydrogen and fuel
cells for power generation. Its asset-light, licensing model has seen it establish partnerships with some of the world’s largest companies, such as Bosch, Doosan, Delta and Weichai. Ceres’ solid oxide technology supports greater electrification of our energy systems and produces green hydrogen at high-efficiencies as a route to decarbonise emissions-intensive industries such as steelmaking, ammonia and future fuels.