Velocity Composites (LON:VEL) Shares Down 7.2% – Here’s What Happened

Velocity Composites plc (LON:VEL) was down 7.2% during trading on Tuesday . The company traded as low as GBX 20 ($0.25) and last traded at GBX 20.88 ($0.26). Approximately 117,898 shares traded hands during trading, an increase of 191% from the average daily volume of 40,545 shares. The stock had previously closed at GBX 22.50 ($0.28).

Analyst Ratings Changes

Separately, Canaccord Genuity Group cut their price objective on Velocity Composites from GBX 70 ($0.88) to GBX 60 ($0.75) and set a “buy” rating on the stock in a report on Wednesday, September 18th.

Velocity Composites Trading Down 7.2 %

The company has a market cap of £11.16 million, a P/E ratio of -281.25 and a beta of 1.53. The business has a 50 day moving average price of GBX 29.54 and a 200-day moving average price of GBX 37. The company has a current ratio of 1.75, a quick ratio of 2.66 and a debt-to-equity ratio of 50.50.

Insider Activity at Velocity Composites

In related news, insider Robert Smith purchased 20,000 shares of Velocity Composites stock in a transaction dated Friday, October 4th. The shares were bought at an average cost of GBX 35 ($0.44) per share, for a total transaction of £7,000 ($8,791.76). Also, insider Jonathan Karl Bridges sold 150,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of GBX 25 ($0.31), for a total value of £37,500 ($47,098.72). 40.10% of the stock is owned by company insiders.

Velocity Composites Company Profile

Velocity Composites plc, together with its subsidiaries, offers engineered composite material kits to the aerospace industry in the United Kingdom, Europe, the United States, and internationally. It provides structural material kits, such as ply generation, shape management and configuration control, life management, and cutting and supply service, as well as materials comprising woven fabrics, unidirectional fabrics, impregnated metallic meshes, and film adhesives.