Ceres Power (LON:CWR) Stock Price Down 40.4% – Here’s Why

Ceres Power Holdings plc (LON:CWR)’s share price dropped 40.4% during mid-day trading on Thursday . The company traded as low as GBX 68.05 ($0.86) and last traded at GBX 78.08 ($0.99). Approximately 28,374,732 shares changed hands during trading, an increase of 1,422% from the average daily volume of 1,864,084 shares. The stock had previously closed at GBX 131 ($1.66).

Analyst Ratings Changes

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

Ceres Power Stock Down 2.9 %

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

Insiders Place Their Bets

In other Ceres Power news, insider Dame Julia King acquired 30,200 shares of Ceres Power stock in a transaction dated Thursday, November 28th. The stock was bought at an average cost of GBX 165 ($2.08) per share, with a total value of £49,830 ($62,956.41). Also, insider Stuart Paynter acquired 7,151 shares of Ceres Power stock in a transaction dated 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 ($12,558.29). Company 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.