Velocity Composites (LON:VEL) Trading Down 6.8% Following Analyst Downgrade

Velocity Composites plc (LON:VEL)’s share price fell 6.8% on Wednesday after Canaccord Genuity Group lowered their price target on the stock from GBX 70 to GBX 60. Canaccord Genuity Group currently has a buy rating on the stock. Velocity Composites traded as low as GBX 40 ($0.53) and last traded at GBX 41 ($0.54). 246,416 shares changed hands during trading, an increase of 542% from the average session volume of 38,408 shares. The stock had previously closed at GBX 44 ($0.58).

Insiders Place Their Bets

In other Velocity Composites news, insider Robert Smith purchased 10,000 shares of Velocity Composites stock in a transaction on Monday, July 15th. The shares were purchased at an average cost of GBX 4 ($0.05) per share, with a total value of £400 ($528.40). 40.10% of the stock is currently owned by insiders.

Velocity Composites Trading Down 8.0 %

The firm has a fifty day moving average of GBX 42.79 and a 200 day moving average of GBX 37.89. The firm has a market capitalization of £21.66 million, a PE ratio of -506.25 and a beta of 1.53. The company has a debt-to-equity ratio of 50.50, a quick ratio of 2.66 and a current ratio of 1.75.

Velocity Composites Company Profile

Velocity Composites plc, together with its subsidiaries, offers engineered composite material kits to the aerospace industry in the United Kingdom, Europe, the United States, and internationally. It provides structural material kits, such as ply generation, shape management and configuration control, life management, and cutting and supply service, as well as materials comprising woven fabrics, unidirectional fabrics, impregnated metallic meshes, and film adhesives.