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

Key Points

• Castings P.L.C. shares have fallen below their 50-day moving average, trading at GBX 256 ($3.41), having seen a low of GBX 245 ($3.26) recently.
• Canaccord Genuity Group maintains a "buy" rating on the stock, setting a price target of GBX 335, with an overall consensus rating of "Buy" from two analysts.
• Insider Steve Mant purchased 7,875 shares at an average cost of GBX 254, indicating continued confidence in the company despite its share price decline.

Castings P.L.C. (LON:CGS - Get Free Report) shares passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of GBX 264.94 ($3.53) and traded as low as GBX 245 ($3.26). Castings shares last traded at GBX 256 ($3.41), with a volume of 13,777 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group reissued a "buy" rating and set a GBX 335 price target on shares of Castings in a research note on Thursday, August 21st. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Castings has a consensus rating of "Buy" and an average price target of GBX 337.50.

Castings Price Performance

The stock has a market capitalization of £111.30 million, a P/E ratio of 2,677.82 and a beta of 0.60. The business's 50 day simple moving average is GBX 264.94 and its 200-day simple moving average is GBX 269.95.

Insider Transactions at Castings

In other Castings news, insider Steve Mant acquired 7,875 shares of Castings stock in a transaction on Thursday, October 9th. The shares were purchased at an average cost of GBX 254 per share, with a total value of £20,002.50. Insiders own 1.04% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.