Ceres Power (LON:CWR) Shares Up 17.3% – Here’s Why

Ceres Power Holdings plc (LON:CWR) shares shot up 17.3% on Wednesday . The stock traded as high as GBX 758 and last traded at GBX 747.08. 6,515,037 shares were traded during mid-day trading, a decline of 19% from the average session volume of 8,047,437 shares. The stock had previously closed at GBX 637.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CWR. Jefferies Financial Group increased their price objective on shares of Ceres Power from GBX 460 to GBX 480 and gave the company a “buy” rating in a research report on Thursday, April 16th. Berenberg Bank reissued a “buy” rating and issued a GBX 530 price objective on shares of Ceres Power in a research report on Thursday, March 26th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of GBX 505.

Ceres Power Price Performance

The company has a market capitalization of £1.40 billion, a P/E ratio of -29.27 and a beta of 2.90. The company’s 50-day moving average price is GBX 364.68 and its two-hundred day moving average price is GBX 318.88. The company has a debt-to-equity ratio of 2.24, a current ratio of 3.27 and a quick ratio of 12.18.

Ceres Power (LON:CWR) last issued its quarterly earnings data on Thursday, March 26th. The company reported GBX (24.52) earnings per share for the quarter. Ceres Power had a negative net margin of 145.65% and a negative return on equity of 39.26%. As a group, sell-side analysts expect that Ceres Power Holdings plc will post -12.4426979 EPS for the current year.

Insider Buying and Selling

In related news, insider Philip Caldwell sold 456,940 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of GBX 622, for a total transaction of £2,842,166.80. Corporate insiders own 8.03% of the company’s stock.

About Ceres Power

Ceres is a leading developer of clean energy technology: fuel cells for power generation and electrolysers for green hydrogen. Its asset-light, licensing model has seen it establish partnerships with some of the world’s largest companies, such as Doosan, Delta, Denso, Shell, Weichai and Thermax. Ceres’ solid oxide technology supports greater electrification of our energy systems, including AI data centres, commercial and industrial applications, and produces green hydrogen at high efficiencies as a route to decarbonise emissions-intensive industries such as ammonia, steelmaking and electrofuels.