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

Shares of Ceres Power Holdings plc (LON:CWR) 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 ($1.01). 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 ($1.65).

Analysts Set New Price Targets

Separately, Berenberg Bank reiterated a “buy” rating and set a GBX 650 ($8.18) price target on shares of Ceres Power in a research report on Wednesday, January 29th.

Ceres Power Stock Down 38.5 %

The company has a market cap of £157.02 million, a PE ratio of -3.89 and a beta of 1.60. The business has a 50-day simple moving average of GBX 159.68 and a 200-day simple moving average of GBX 186.33. The company has a quick ratio of 12.18, a current ratio of 6.48 and a debt-to-equity ratio of 1.54.

Insiders Place Their Bets

In other news, insider Stuart Paynter acquired 7,151 shares of the company’s stock in a transaction dated Wednesday, January 29th. The stock was acquired at an average cost of GBX 139 ($1.75) per share, with a total value of £9,939.89 ($12,507.73). Also, insider Dame Julia King acquired 30,200 shares of the company’s stock in a transaction dated Thursday, November 28th. The stock was purchased at an average cost of GBX 165 ($2.08) per share, with a total value of £49,830 ($62,702.91). 40.29% of the stock is owned by 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.