Ceres Power (LON:CWR) Shares Down 40.8% – Here’s Why

Ceres Power Holdings plc (LON:CWR) dropped 40.8% during mid-day trading on Thursday . The company traded as low as GBX 68.05 ($0.86) and last traded at GBX 77.50 ($0.98). Approximately 29,728,082 shares were traded during trading, an increase of 1,463% from the average daily volume of 1,901,677 shares. The stock had previously closed at GBX 131 ($1.66).

Wall Street Analyst Weigh In

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

Ceres Power Price Performance

The business’s 50 day moving average price is GBX 156.02 and its 200 day moving average price is GBX 184.78. The stock has a market capitalization of £152.44 million, a P/E ratio of -3.78 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.

Insider Transactions at Ceres Power

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