Focusrite (LON:TUNE) Trading Up 14% - Here's What Happened

Key Points

• Focusrite plc shares rose by 14% on Tuesday, closing at GBX 187.50 ($2.55) after trading as high as GBX 190 ($2.58).
• The company has a market capitalization of £110.27 million and a debt-to-equity ratio of 36.98, indicating a relatively stable financial position.
• Focusrite operates in the music and audio products sector, aiming to enhance the creativity of musicians through its innovative hardware and software solutions.

Shares of Focusrite plc (LON:TUNE - Get Free Report) rose 14% on Tuesday . The stock traded as high as GBX 190 ($2.56) and last traded at GBX 187.50 ($2.53). Approximately 115,821 shares traded hands during trading, a decline of 24% from the average daily volume of 152,081 shares. The stock had previously closed at GBX 164.50 ($2.22).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank restated a "buy" rating and set a GBX 355 target price on shares of Focusrite in a research note on Tuesday. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, Focusrite currently has an average rating of "Buy" and an average target price of GBX 355.

Focusrite Stock Performance

The company has a market cap of £123.11 million, a price-to-earnings ratio of 6,176.47, a price-to-earnings-growth ratio of 2.95 and a beta of 1.04. The firm has a 50-day simple moving average of GBX 164.39 and a 200 day simple moving average of GBX 163.28. The company has a quick ratio of 0.77, a current ratio of 1.57 and a debt-to-equity ratio of 36.98.

About Focusrite

Focusrite plc is a global music and audio products group that develops and markets proprietary hardware and software products. Used by audio professionals and amateur musicians alike, our solutions facilitate the high-quality production of recorded and live sound. We are a rapidly growing group of innovative, market-leading brands, operating across two divisions. Our Content Creation division is focussed on supporting our customers throughout their music-making journey, by removing barriers to creativity and delivering everything they need to make music.