Ithaca Energy (LON:ITH) Trading Down 13.3% - Time to Sell?

Key Points

• Ithaca Energy's stock price dropped by 13.3%, trading as low as GBX 197 and closing at GBX 206, with trading volume significantly increasing to over 6.6 million shares.
• Shore Capital issued a report restating a "no recommendation" rating on shares of Ithaca Energy, indicating uncertainty about the stock's future performance.
• The company's market capitalization is approximately £3.39 billion, with a notably high P/E ratio of -2,985.51, reflecting its recent financial struggles.

Ithaca Energy plc (LON:ITH - Get Free Report) was down 13.3% during mid-day trading on Tuesday . The company traded as low as GBX 197 ($2.65) and last traded at GBX 206 ($2.77). Approximately 6,685,744 shares traded hands during mid-day trading, an increase of 314% from the average daily volume of 1,614,488 shares. The stock had previously closed at GBX 237.50 ($3.19).

Wall Street Analysts Forecast Growth

Separately, Shore Capital reiterated a "no recommendation" rating on shares of Ithaca Energy in a report on Tuesday.

Ithaca Energy Stock Down 7.1%

The firm has a market capitalization of £3.04 billion and a price-to-earnings ratio of -2,675.36. The stock's fifty day moving average is GBX 177.93 and its two-hundred day moving average is GBX 153.74.

About Ithaca Energy

Ithaca Energy is a leading UK independent exploration and production company focused on the UK North Sea with a strong track record of material value creation. In recent years, the Company has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centred upon two transformational acquisitions.