Ceres Power (LON:CWR) Stock Price Down 36.2% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

Ceres Power Price Performance

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 stock has a market capitalization of £152.44 million, a price-to-earnings ratio of -3.78 and a beta of 1.60. The company has a 50-day simple moving average of GBX 156.02 and a two-hundred day simple moving average of GBX 184.78.

Insider Buying and Selling

In other Ceres Power news, insider Stuart Paynter purchased 7,151 shares of Ceres Power stock in a transaction on Wednesday, January 29th. The stock was bought at an average price of GBX 139 ($1.76) per share, for a total transaction of £9,939.89 ($12,558.29). Also, insider Dame Julia King purchased 30,200 shares of the stock in a transaction dated 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). Corporate insiders own 40.29% of the company’s stock.

Ceres Power Company Profile

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.