Velocity Composites (LON:VEL) Stock Price Down 6.1% – Here’s Why

Velocity Composites plc (LON:VEL)’s share price dropped 6.1% during mid-day trading on Thursday . The stock traded as low as GBX 25.25 ($0.31) and last traded at GBX 25.35 ($0.31). Approximately 78,853 shares were traded during trading, an increase of 57% from the average daily volume of 50,317 shares. The stock had previously closed at GBX 27 ($0.33).

Wall Street Analyst Weigh In

VEL has been the topic of several research analyst reports. Canaccord Genuity Group reissued a “buy” rating and issued a GBX 60 ($0.74) target price on shares of Velocity Composites in a report on Thursday, December 12th. Canaccord Genuity Group reissued a “buy” rating and set a GBX 60 ($0.74) price objective on shares of Velocity Composites in a report on Thursday, December 12th.

Velocity Composites Trading Down 6.1 %

The firm has a market cap of £13.55 million, a P/E ratio of -316.88 and a beta of 1.53. The stock has a 50 day simple moving average of GBX 24.31 and a 200-day simple moving average of GBX 34.17. The company has a current ratio of 1.75, a quick ratio of 2.66 and a debt-to-equity ratio of 50.50.

Insider Activity at Velocity Composites

In related news, insider Jonathan Karl Bridges sold 150,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of GBX 25 ($0.31), for a total transaction of £37,500 ($46,416.64). Also, insider Robert Smith purchased 20,000 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was bought at an average price of GBX 35 ($0.43) per share, with a total value of £7,000 ($8,664.44). 40.10% of the stock is owned by insiders.

About Velocity Composites

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.