discoverIE Group (LON:DSCV) Trading Down 2.4% - Here's What Happened

Key Points

• discoverIE Group's shares fell by 2.4% on Thursday, closing at GBX 615 ($8.27) after hitting a low of GBX 610 ($8.20) with trading volume 33% below its average.
• Despite the recent decline, the stock has a consensus rating of "Buy" among research analysts, with price targets ranging from GBX 750 to GBX 950.
• Insider Clive Watson purchased 402 shares at GBX 670 per share, indicating continued insider confidence in the company's prospects.

Shares of discoverIE Group plc (LON:DSCV - Get Free Report) dropped 2.4% on Thursday . The stock traded as low as GBX 610 ($8.20) and last traded at GBX 615 ($8.27). Approximately 200,387 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 297,663 shares. The stock had previously closed at GBX 630 ($8.47).

Wall Street Analyst Weigh In

DSCV has been the topic of several research analyst reports. Berenberg Bank reissued a "buy" rating and issued a GBX 950 price objective on shares of discoverIE Group in a research report on Wednesday, September 10th. Shore Capital reissued a "buy" rating and issued a GBX 750 price objective on shares of discoverIE Group in a research report on Thursday, July 24th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of GBX 766.67.

discoverIE Group Stock Performance

The company has a debt-to-equity ratio of 77.88, a quick ratio of 0.96 and a current ratio of 1.55. The company has a market capitalization of £590.75 million, a P/E ratio of 2,460.00 and a beta of 1.09. The business has a 50 day moving average of GBX 630.11 and a 200-day moving average of GBX 621.20.

Insiders Place Their Bets

In other discoverIE Group news, insider Clive Watson bought 402 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were acquired at an average cost of GBX 670 per share, for a total transaction of £2,693.40. 3.73% of the stock is owned by corporate insiders.

discoverIE Group Company Profile

discoverIE Group plc is an international group of businesses that design and manufacture innovative electronic components for industrial use. The Group provides application-specific components to original equipment manufacturers (“OEMs”) internationally, with a focus on key markets driven by structural growth and increasing electronic content, namely renewable energy, medical, transportation, security, and industrial & connectivity. The Group employs c.4,500 people across 20 countries.

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