Velocity Composites (LON:VEL) Shares Down 16.4% Following Analyst Downgrade

Velocity Composites plc (LON:VEL)’s stock price traded down 16.4% on Thursday after Canaccord Genuity Group lowered their price target on the stock from GBX 50 to GBX 40. Canaccord Genuity Group currently has a buy rating on the stock. Velocity Composites traded as low as GBX 15.70 and last traded at GBX 18.40. 558,895 shares were traded during trading, an increase of 633% from the average session volume of 76,265 shares. The stock had previously closed at GBX 22.

Velocity Composites Trading Up 4.9%

The company has a market cap of £10.61 million, a P/E ratio of -14.16 and a beta of 1.53. The company has a current ratio of 1.63, a quick ratio of 2.66 and a debt-to-equity ratio of 47.56. The business has a 50 day moving average price of GBX 21.38 and a 200-day moving average price of GBX 24.47.

About Velocity Composites

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.