Castings (LON:CGS) Stock Passes Below 50-Day Moving Average - What's Next?

Key Points

• Castings P.L.C. shares have fallen below its 50-day moving average of GBX 274.51, trading at GBX 253 ($3.40) with a volume of 11,597 shares.
• Analysts from Canaccord Genuity reaffirmed a "buy" rating and set a target price of GBX 335 for Castings shares, which currently hold a consensus rating of "Buy" and a target price of GBX 337.50.
• Castings operates in the iron casting and machining sector, with a market capitalization of £116.03 million and a notably high price-to-earnings ratio of 2,792.89.

Castings P.L.C. (LON:CGS - Get Free Report) shares crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of GBX 274.51 ($3.69) and traded as low as GBX 253 ($3.40). Castings shares last traded at GBX 253 ($3.40), with a volume of 11,597 shares trading hands.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group reaffirmed a "buy" rating and issued a GBX 335 target price on shares of Castings in a report on Thursday, August 21st. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of GBX 337.50.

Castings Price Performance

The firm's 50-day moving average price is GBX 274.51 and its 200 day moving average price is GBX 270.18. The firm has a market capitalization of £116.03 million, a price-to-earnings ratio of 2,792.89 and a beta of 0.60.

Castings Company Profile

Castings P.L.C. engages in the iron casting and machining activities. It operates through Foundry Operations and Machining Operations segments. The company offers ductile iron, spheroidal graphite iron, austempered ductile iron, SiMo, and Ni-resist castings. It also provides fertilising solution annealing, pearlitic quench and temper, temper softening, and austempering heat treatment services; automotive standard e-coat and powder coating, galvanising, plating, gas based surface treatment, and plastic and metal spray coating services; and assembly and insulation services.

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