Canaccord Genuity Group Cuts Velocity Composites (LON:VEL) Price Target to GBX 60

Velocity Composites (LON:VEL) had its price target cut by analysts at Canaccord Genuity Group from GBX 70 ($0.92) to GBX 60 ($0.79) in a research report issued to clients and investors on Wednesday, Digital Look reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 47.06% from the company’s previous close.

Velocity Composites Trading Down 7.3 %

Shares of VEL opened at GBX 40.80 ($0.54) on Wednesday. The company has a current ratio of 1.75, a quick ratio of 2.66 and a debt-to-equity ratio of 50.50. Velocity Composites has a 12-month low of GBX 28 ($0.37) and a 12-month high of GBX 48 ($0.63). The firm has a 50-day moving average price of GBX 42.72 and a 200 day moving average price of GBX 37.81. The firm has a market capitalization of £21.82 million, a P/E ratio of -510.00 and a beta of 1.53.

Insider Activity at Velocity Composites

In related news, insider Robert Smith bought 10,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were bought at an average price of GBX 4 ($0.05) per share, with a total value of £400 ($528.40). 40.10% of the stock is currently owned by insiders.

About Velocity Composites

Velocity Composites plc, together with its subsidiaries, offers engineered composite material kits to the aerospace industry in the United Kingdom, Europe, the United States, and internationally. It provides structural material kits, such as ply generation, shape management and configuration control, life management, and cutting and supply service, as well as materials comprising woven fabrics, unidirectional fabrics, impregnated metallic meshes, and film adhesives.