Canaccord Genuity Group Cuts Ashtead Technology (LON:AT) Price Target to GBX 600

Key Points

• Canaccord Genuity Group has reduced the target price for Ashtead Technology from GBX 825 to GBX 600 while maintaining a "buy" rating.
• Berenberg Bank also lowered its target price from GBX 800 to GBX 700, supporting its "buy" rating for the stock.
• Ashtead Technology's shares traded down to GBX 323, with a market capitalization of £256.16 million.
• The company provides subsea equipment rental solutions for the offshore energy sector in multiple regions, including Europe and the Americas.

Ashtead Technology (LON:AT - Get Free Report) had its price target cut by equities researchers at Canaccord Genuity Group from GBX 825 ($11.02) to GBX 600 ($8.02) in a research report issued to clients and investors on Friday, MarketBeat reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target indicates a potential upside of 79.10% from the company's current price.

Separately, Berenberg Bank reduced their target price on Ashtead Technology from GBX 800 ($10.69) to GBX 700 ($9.35) and set a "buy" rating for the company in a report on Thursday, July 17th.

Ashtead Technology Price Performance

AT stock traded up GBX 10.50 ($0.14) during midday trading on Friday, reaching GBX 335 ($4.48). 533,516 shares of the stock were exchanged. The stock has a market capitalization of £265.68 million, a PE ratio of 10.81 and a beta of 0.28. Ashtead Technology has a 52 week low of GBX 426 ($5.69) and a 52 week high of GBX 893 ($11.93). The company has a debt-to-equity ratio of 70.83, a current ratio of 1.82 and a quick ratio of 1.46. The company has a fifty day moving average price of GBX 427.04 and a 200 day moving average price of GBX 483.25.

Ashtead Technology Company Profile

Ashtead Technology Holdings Plc provides subsea equipment rental solutions for the offshore energy sector in Europe, the Americas, the Asia-Pacific, and the Middle East. The company offers survey and robotics equipment comprising geophysical, hydrographic, metocean, land surveying, positioning, ROV sensors, non-destructive testing, subsea inspection, remote visual inspection, and environmental products.