Canaccord Genuity Group Cuts Velocity Composites (LON:VEL) Price Target to GBX 60

Velocity Composites (LON:VEL) had its target price lowered by equities research analysts at Canaccord Genuity Group from GBX 70 ($0.92) to GBX 60 ($0.79) in a research report issued to clients and investors on Wednesday, Digital Look reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 47.06% from the stock’s current price.

Velocity Composites Stock Down 7.3 %

Velocity Composites stock opened at GBX 40.80 ($0.54) on Wednesday. Velocity Composites has a fifty-two week low of GBX 28 ($0.37) and a fifty-two week high of GBX 48 ($0.63). The company has a debt-to-equity ratio of 50.50, a quick ratio of 2.66 and a current ratio of 1.75. The firm has a 50 day moving average price of GBX 42.72 and a 200 day moving average price of GBX 37.81. The company has a market capitalization of £21.82 million, a PE ratio of -510.00 and a beta of 1.53.

Insiders Place Their Bets

In other Velocity Composites news, insider Robert Smith purchased 10,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was acquired at an average price of GBX 4 ($0.05) per share, for a total transaction of £400 ($528.40). Insiders own 40.10% of the company’s stock.

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.