Ceres Power (LON:CWR) Shares Down 38.5% – Here’s What Happened

Shares of Ceres Power Holdings plc (LON:CWR) dropped 38.5% on Thursday . The stock traded as low as GBX 68.05 ($0.86) and last traded at GBX 80.55 ($1.01). 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 ($1.65).

Wall Street Analyst Weigh In

Separately, Berenberg Bank reiterated a “buy” rating and issued a GBX 650 ($8.18) price objective on shares of Ceres Power in a research note on Wednesday, January 29th.

Ceres Power Stock Down 38.5 %

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 stock has a market capitalization of £157.02 million, a P/E ratio of -3.89 and a beta of 1.60. The firm has a 50 day simple moving average of GBX 159.68 and a two-hundred day simple moving average of GBX 186.33.

Insider Activity

In other news, insider Stuart Paynter acquired 7,151 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were bought at an average price of GBX 139 ($1.75) per share, with a total value of £9,939.89 ($12,507.73). Also, insider Dame Julia King bought 30,200 shares of the stock in a transaction on Thursday, November 28th. The stock was acquired at an average price of GBX 165 ($2.08) per share, with a total value of £49,830 ($62,702.91). 40.29% of the stock is currently owned by corporate insiders.

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.