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

Ceres Power Holdings plc (LON:CWR) shares 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 ($1.02). Approximately 8,976,891 shares were traded during trading, an increase of 577% from the average daily volume of 1,325,255 shares. The stock had previously closed at GBX 131 ($1.66).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reiterated a “buy” rating and issued a GBX 650 ($8.24) target price on shares of Ceres Power in a report on Wednesday, January 29th.

Ceres Power Stock Performance

The company has a debt-to-equity ratio of 1.54, a quick ratio of 12.18 and a current ratio of 6.48. The stock’s 50 day moving average price is GBX 157.82 and its 200 day moving average price is GBX 185.60. The company has a market capitalization of £157.02 million, a P/E ratio of -3.89 and a beta of 1.60.

Insider Buying and Selling at Ceres Power

In related news, insider Stuart Paynter acquired 7,151 shares of the stock in a transaction dated Wednesday, January 29th. The stock was bought at an average price of GBX 139 ($1.76) per share, for a total transaction of £9,939.89 ($12,594.89). Also, insider Dame Julia King bought 30,200 shares of the company’s stock in a transaction that occurred on Thursday, November 28th. The shares were bought at an average price of GBX 165 ($2.09) per share, for a total transaction of £49,830 ($63,139.89). Insiders own 40.29% of the company’s stock.

About Ceres Power

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.