Ashtead Technology (LON:AT) Shares Down 2.3% After Analyst Downgrade

Key Points

• Ashtead Technology's shares fell by 2.3% following a downgrade by Canaccord Genuity Group, which reduced the price target from GBX 825 to GBX 600.
• Berenberg Bank also cut their target price for Ashtead Technology from GBX 800 to GBX 700, while maintaining a "buy" rating.
• The company's current stock price is GBX 324.50 with a market capitalization of £257.35 million and a P/E ratio of 10.48.

Ashtead Technology Holdings Plc (LON:AT - Get Free Report) shares were down 2.3% on Monday after Canaccord Genuity Group lowered their price target on the stock from GBX 825 to GBX 600. Canaccord Genuity Group currently has a buy rating on the stock. Ashtead Technology traded as low as GBX 320 ($4.28) and last traded at GBX 324.50 ($4.34). Approximately 1,738,741 shares were traded during mid-day trading, The stock had previously closed at GBX 332 ($4.44).

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

Ashtead Technology Stock Performance

The company has a quick ratio of 1.46, a current ratio of 1.82 and a debt-to-equity ratio of 70.83. The stock has a 50 day simple moving average of GBX 427.04 and a two-hundred day simple moving average of GBX 483.25. The stock has a market capitalization of £257.35 million, a P/E ratio of 10.48 and a beta of 0.28.

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.

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