ConvaTec Group (LON:CTEC) Trading 6.5% Higher - What's Next?

Key Points

• ConvaTec Group PLC shares rose by 6.5% during mid-day trading, with a last traded price of GBX 246.20 ($3.32) and an increase in trading volume by 90% from the average.
• Multiple analysts have issued ratings for ConvaTec, with a consensus rating of "Buy" and a price target of GBX 303, indicating positive market sentiment towards the stock.
• Insider Karim Bitar sold 1,250,000 shares at an average price of GBX 227, raising questions about insider activity as corporate insiders now hold 19.65% of the company's stock.

ConvaTec Group PLC (LON:CTEC - Get Free Report)'s share price was up 6.5% during mid-day trading on Wednesday . The company traded as high as GBX 246.60 ($3.33) and last traded at GBX 246.20 ($3.33). Approximately 26,169,346 shares traded hands during mid-day trading, an increase of 90% from the average daily volume of 13,779,163 shares. The stock had previously closed at GBX 231.20 ($3.13).

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CTEC shares. Peel Hunt reissued an "add" rating and issued a GBX 280 price target on shares of ConvaTec Group in a report on Tuesday, July 29th. Berenberg Bank cut their target price on shares of ConvaTec Group from GBX 335 to GBX 330 and set a "buy" rating on the stock in a report on Tuesday, August 19th. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of ConvaTec Group in a research report on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a GBX 315 target price on shares of ConvaTec Group in a research report on Wednesday, July 30th. Finally, Royal Bank Of Canada raised shares of ConvaTec Group to an "outperform" rating and reduced their target price for the stock from GBX 320 to GBX 315 in a research report on Thursday. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of GBX 309.40.

ConvaTec Group Trading Down 0.3%

The company has a market cap of £6.16 billion, a P/E ratio of 40.78, a PEG ratio of 0.93 and a beta of 0.64. The stock's 50 day moving average is GBX 252.61 and its 200-day moving average is GBX 258.21. The company has a current ratio of 2.26, a quick ratio of 0.96 and a debt-to-equity ratio of 85.32.

Insider Transactions at ConvaTec Group

In related news, insider Karim Bitar sold 1,250,000 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of GBX 227, for a total value of £2,837,500. 19.65% of the stock is currently owned by insiders.

ConvaTec Group Company Profile

ConvaTec Group PLC engages in the development, manufacturing, and sale of medical products, services, and technologies in Europe, North America, and internationally. The company offers advanced wound dressings and skin care products for the management of acute and chronic wounds resulting from various conditions, such as diabetes, and acute conditions resulting from traumatic injury and burns.