Shares of Ceres Power Holdings plc (LON:CWR - Get Free Report) dropped 40.8% during 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 mid-day trading, an increase of 1,463% from the average daily volume of 1,901,677 shares. The stock had previously closed at GBX 131 ($1.65).
Separately, Berenberg Bank reiterated a "buy" rating and issued a GBX 650 ($8.18) price target on shares of Ceres Power in a research note on Wednesday, January 29th.
Read Our Latest Analysis on Ceres Power
The firm's 50-day moving average is GBX 159.68 and its 200-day moving average is GBX 186.33. The company has a debt-to-equity ratio of 1.54, a current ratio of 6.48 and a quick ratio of 12.18. The company has a market capitalization of £168.52 million, a P/E ratio of -4.18 and a beta of 1.60.
In other news, insider Stuart Paynter purchased 7,151 shares of the stock in a transaction on Wednesday, January 29th. The shares were acquired 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 purchased 30,200 shares of the stock in a transaction on Thursday, November 28th. The shares were purchased at an average cost of GBX 165 ($2.08) per share, for a total transaction of £49,830 ($62,702.91). 40.29% of the stock is currently owned by company insiders.
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.
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