Chemring Group (LON:CHG) Stock Passes Above 200 Day Moving Average - Here's Why

Key Points

• Shares of Chemring Group PLC have surged above their 200-day moving average, reaching a high of GBX 562 ($7.56) during trading.
• Berenberg Bank has reaffirmed a "buy" rating with a target price of GBX 670, contributing to a current average buy rating among analysts.
• Insider Pete Raby recently bought 6,000 shares at an average price of GBX 544, indicating continued confidence in the company's prospects.

Shares of Chemring Group PLC (LON:CHG - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 487.05 ($6.55) and traded as high as GBX 562 ($7.56). Chemring Group shares last traded at GBX 559 ($7.52), with a volume of 1,581,755 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Berenberg Bank reaffirmed a "buy" rating and set a GBX 670 target price on shares of Chemring Group in a research note on Tuesday, July 15th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of GBX 570.

Chemring Group Trading Down 1.8%

The company has a debt-to-equity ratio of 27.42, a quick ratio of 0.71 and a current ratio of 1.22. The company has a 50 day simple moving average of GBX 547.25 and a two-hundred day simple moving average of GBX 487.05. The company has a market cap of £1.48 billion, a PE ratio of 3,474.76, a PEG ratio of 1.99 and a beta of 0.68.

Insiders Place Their Bets

In other Chemring Group news, insider Pete Raby bought 6,000 shares of the stock in a transaction on Monday, September 8th. The shares were bought at an average price of GBX 544 per share, with a total value of £32,640. 1.17% of the stock is currently owned by company insiders.

Chemring Group Company Profile

We are a specialist manufacturing and technology business creating market-leading innovative solutions to meet our customers' complex needs. Using our extensive science and engineering expertise, we turn ideas into reality, designing and developing critical solutions that protect and safeguard in unpredictable environments in today's increasingly unstable world. We achieve this by innovating at every stage of the value chain, from research and development (“R&D”) through to design, manufacture and in-service support, working closely with our customers to deliver products, services and solutions for mission-critical success. Our customer base spans national defence organisations, security and law enforcement agencies, as well as commercial markets such as space and transport.

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