Eleco (LON:ELCO) Shares Cross Above Fifty Day Moving Average - What's Next?

Key Points

• Eleco Plc's stock price has recently crossed above its fifty-day moving average, indicating potential upward momentum in trading.
• Canaccord Genuity Group has initiated coverage on Eleco, giving it a "buy" rating and setting a target price of GBX 176 ($2.37).
• Corporate insiders are significantly involved, owning 51.92% of the company and acquiring a total of 52,552 shares in the last quarter.

Eleco Plc (LON:ELCO - Get Free Report) passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of GBX 168.31 ($2.26) and traded as high as GBX 169.50 ($2.28). Eleco shares last traded at GBX 168 ($2.26), with a volume of 3,456 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group assumed coverage on shares of Eleco in a research report on Thursday, May 8th. They issued a "buy" rating and a GBX 176 ($2.36) price target on the stock.

Eleco Stock Performance

The company has a market cap of £139.34 million, a P/E ratio of 47.34 and a beta of 0.82. The company has a quick ratio of 1.23, a current ratio of 1.01 and a debt-to-equity ratio of 4.79. The stock's 50-day moving average price is GBX 168.37 and its 200 day moving average price is GBX 146.40.

Insider Buying and Selling

In other news, insider Mark Castle purchased 31,500 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were bought at an average price of GBX 162 ($2.18) per share, with a total value of £51,030 ($68,542.65). Also, insider James Pellatt purchased 6,052 shares of the company's stock in a transaction dated Thursday, June 19th. The stock was purchased at an average cost of GBX 165 ($2.22) per share, for a total transaction of £9,985.80 ($13,412.76). In the last three months, insiders bought 52,552 shares of company stock worth $8,496,580. Insiders own 51.92% of the company's stock.

About Eleco