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

Ceres Power Holdings plc (LON:CWR)’s share price was down 38.5% during trading on Thursday . The stock traded as low as GBX 68.05 ($0.86) and last traded at GBX 80.55 ($1.02). Approximately 8,976,891 shares traded hands during trading, an increase of 577% from the average daily volume of 1,325,255 shares. The stock had previously closed at GBX 131 ($1.66).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank restated a “buy” rating and set a GBX 650 ($8.24) price target on shares of Ceres Power in a research note on Wednesday, January 29th.

Ceres Power Stock Performance

The business has a 50-day moving average of GBX 157.82 and a two-hundred day moving average of GBX 185.60. The company has a market cap of £157.02 million, a P/E ratio of -3.89 and a beta of 1.60. The company has a debt-to-equity ratio of 1.54, a current ratio of 6.48 and a quick ratio of 12.18.

Insiders Place Their Bets

In other Ceres Power news, insider Dame Julia King purchased 30,200 shares of the stock in a transaction on Thursday, November 28th. The stock was acquired at an average price of GBX 165 ($2.09) per share, with a total value of £49,830 ($63,139.89). Also, insider Stuart Paynter purchased 7,151 shares of the stock in a transaction on Wednesday, January 29th. The stock was acquired at an average cost of GBX 139 ($1.76) per share, with a total value of £9,939.89 ($12,594.89). Corporate insiders own 40.29% of the company’s stock.

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.