Ceres Power (LON:CWR) Shares Down 36.2% – Here’s Why

Shares of Ceres Power Holdings plc (LON:CWR) fell 36.2% during trading on Thursday . The stock traded as low as GBX 68.05 ($0.86) and last traded at GBX 83.55 ($1.06). 33,563,258 shares were traded during trading, an increase of 1,571% from the average session volume of 2,008,210 shares. The stock had previously closed at GBX 131 ($1.66).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reiterated a “buy” rating and set a GBX 650 ($8.21) target price on shares of Ceres Power in a research report on Wednesday, January 29th.

Ceres Power Trading Down 2.9 %

The company has a market capitalization of £152.44 million, a P/E ratio of -3.78 and a beta of 1.60. The business has a 50 day moving average price of GBX 156.02 and a 200 day moving average price of GBX 184.78. The company has a current ratio of 6.48, a quick ratio of 12.18 and a debt-to-equity ratio of 1.54.

Insider Buying and Selling

In other news, insider Dame Julia King bought 30,200 shares of the stock in a transaction that occurred on Thursday, November 28th. The shares were acquired at an average cost of GBX 165 ($2.08) per share, for a total transaction of £49,830 ($62,956.41). Also, insider Stuart Paynter purchased 7,151 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was purchased at an average price of GBX 139 ($1.76) per share, with a total value of £9,939.89 ($12,558.29). 40.29% of the stock is owned by corporate insiders.

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.