Inchcape (OTCMKTS:IHCPF) Stock Falls 22.6% – Here’s Why

Shares of Inchcape plc (OTCMKTS:IHCPF) were down 22.6% during trading on Monday. The stock traded as low as C$8.47 and last traded at C$8.47. Approximately 432 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 7,980 shares. The stock had previously closed at C$10.95.

Wall Street Analyst Weigh In

IHCPF has been the subject of several research reports. Jefferies Financial Group restated a “buy” rating on shares of Inchcape in a research note on Monday, October 26th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Inchcape in a report on Wednesday, July 29th. Citigroup reissued a “buy” rating on shares of Inchcape in a research note on Friday, October 23rd. Finally, UBS Group downgraded Inchcape from a “buy” rating to a “neutral” rating in a report on Wednesday, October 7th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy”.

Inchcape Stock Performance

The firm’s fifty day simple moving average is C$10.79 and its 200 day simple moving average is C$10.96.

About Inchcape

Inchcape plc is a UK-based automotive distributor that works with vehicle manufacturers to bring cars and commercial vehicles to markets around the world. Its services include importing and distributing vehicles and parts, marketing, supply-chain and logistics support, and aftersales services.

The company serves markets across the Americas, Europe, Africa and Asia-Pacific, partnering with manufacturers to manage local distribution and customer support. Inchcape has roots dating to the 19th century and has developed into an international automotive business.

In recent years, Inchcape has focused on expanding its distribution operations, including through acquisitions, while selling a number of its retail businesses.