Convatec Group (LON:CTEC) Stock Price Passes Below 50 Day Moving Average – Here’s What Happened

Convatec Group PLC (LON:CTEC) passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of GBX 223.78 and traded as low as GBX 212.60. Convatec Group shares last traded at GBX 214, with a volume of 14,919,841 shares traded.

Wall Street Analyst Weigh In

CTEC has been the subject of several analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and set a GBX 315 target price on shares of Convatec Group in a report on Monday, August 3rd. Berenberg Bank cut their price objective on Convatec Group from GBX 340 to GBX 335 and set a “buy” rating on the stock in a report on Friday, September 11th. Peel Hunt reaffirmed an “add” rating and set a GBX 270 price objective on shares of Convatec Group in a research note on Tuesday, August 4th. Jefferies Financial Group reiterated a “buy” rating and issued a GBX 300 target price on shares of Convatec Group in a report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a GBX 315 price target on shares of Convatec Group in a report on Wednesday, August 5th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 305.44.

Convatec Group Trading Down 2.1%

The business’s 50-day simple moving average is GBX 223.78 and its 200-day simple moving average is GBX 219.79. The company has a market cap of £4.16 billion, a PE ratio of 34.52, a P/E/G ratio of 0.93 and a beta of 0.77. The company has a current ratio of 1.93, a quick ratio of 0.96 and a debt-to-equity ratio of 121.83.

Insider Buying and Selling at Convatec Group

In other news, insider Tobias Hestler acquired 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of GBX 226 per share, for a total transaction of £113,000. Company insiders own 0.98% of the company’s stock.

Convatec Group Company Profile

ConvaTec Group PLC engages in the development, manufacturing, and sale of medical products, services, and technologies in Europe, North America, and internationally. The company offers advanced wound dressings and skin care products for the management of acute and chronic wounds resulting from various conditions, such as diabetes, and acute conditions resulting from traumatic injury and burns. It also provides ostomy care solutions, including devices, accessories, and services for people with a stoma resulting from colorectal cancer, inflammatory bowel disease, and bladder cancer.