Ceres Power (LON:CWR) Stock Price Down 38.5% - Here's Why

Ceres Power Holdings plc (LON:CWR - Get Free Report)'s share price dropped 38.5% during mid-day 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 reaffirmed a "buy" rating and issued a GBX 650 ($8.21) price objective on shares of Ceres Power in a research note on Wednesday, January 29th.

Ceres Power Stock Performance

The stock has a fifty day simple moving average of GBX 156.02 and a two-hundred day simple moving average of GBX 184.78. The company has a debt-to-equity ratio of 1.54, a quick ratio of 12.18 and a current ratio of 6.48. The stock has a market capitalization of £152.44 million, a price-to-earnings ratio of -3.78 and a beta of 1.60.

Insider Buying and Selling

In related news, insider Stuart Paynter purchased 7,151 shares of Ceres Power stock in a transaction on Wednesday, January 29th. The stock was acquired 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 purchased 30,200 shares of the firm's stock in a transaction on 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). 40.29% of the stock is currently owned by insiders.

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.