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

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

Wall Street Analysts Forecast Growth

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

Ceres Power Price Performance

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

Insider Transactions at Ceres Power

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