discoverIE Group (LON:DSCV) Stock Price Down 1.9% – Here’s What Happened

Shares of discoverIE Group plc (LON:DSCV) traded down 1.9% during mid-day trading on Monday . The company traded as low as GBX 508 and last traded at GBX 515.15. 175,453 shares traded hands during trading, a decline of 88% from the average session volume of 1,426,891 shares. The stock had previously closed at GBX 525.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. reissued a “buy” rating and issued a GBX 1,000 price target on shares of discoverIE Group in a report on Wednesday, December 3rd. Berenberg Bank restated a “buy” rating and set a GBX 950 price objective on shares of discoverIE Group in a report on Friday, December 5th. Shore Capital Group reaffirmed a “buy” rating on shares of discoverIE Group in a research report on Monday, February 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of discoverIE Group to a “buy” rating and increased their target price for the company from GBX 735 to GBX 850 in a research note on Monday, December 1st. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of GBX 830.

discoverIE Group Trading Down 1.9%

The business has a 50-day moving average price of GBX 610.14 and a 200-day moving average price of GBX 598.73. The company has a quick ratio of 0.96, a current ratio of 1.48 and a debt-to-equity ratio of 83.72. The firm has a market capitalization of £500.32 million, a P/E ratio of 19.59 and a beta of 1.09.

Insiders Place Their Bets

In other discoverIE Group news, insider Simon Gibbins acquired 2,601 shares of the company’s stock in a transaction dated Monday, January 26th. The stock was bought at an average price of GBX 623 per share, for a total transaction of £16,204.23. Also, insider Clive Watson acquired 200 shares of discoverIE Group stock in a transaction dated Thursday, February 12th. The shares were acquired at an average cost of GBX 640 per share, with a total value of £1,280. 3.70% of the stock is owned by insiders.

About discoverIE Group

discoverIE Group plc is an international group of businesses that design and manufacture innovative electronic components for industrial use. The Group provides application-specific components to original equipment manufacturers (“OEMs”) internationally, with a focus on key markets driven by structural growth and increasing electronic content, namely renewable energy, medical, transportation, security, and industrial & connectivity.

The Group employs c.4,500 people across 20 countries. Its principal operating units are located in Continental Europe, the UK, China, Sri Lanka, India, Thailand, Mexico and the USA.