Kitwave Group (LON:KITW) Shares Down 1.7% - Here's What Happened

Key Points

• Kitwave Group's shares declined by 1.7%, closing at GBX 227 ($3.07), with trading volume down 66% from its average.
• Analysts from Canaccord Genuity have reduced their price target for Kitwave Group from GBX 495 to GBX 420, while the stock still holds a consensus rating of “Buy”.
• Insider Gerard T. Murray recently purchased 15,000 shares of Kitwave Group at an average cost of GBX 238, indicating insider confidence in the company.

Kitwave Group plc (LON:KITW - Get Free Report) shares were down 1.7% during mid-day trading on Tuesday . The company traded as low as GBX 227 ($3.08) and last traded at GBX 227 ($3.08). Approximately 118,314 shares changed hands during trading, a decline of 66% from the average daily volume of 349,754 shares. The stock had previously closed at GBX 231 ($3.13).

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group cut their target price on shares of Kitwave Group from GBX 495 to GBX 420 and set a "buy" rating for the company in a research report on Tuesday, July 1st. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Kitwave Group presently has a consensus rating of "Buy" and a consensus target price of GBX 457.50.

Kitwave Group Trading Up 1.2%

The business's 50-day moving average price is GBX 239.22 and its two-hundred day moving average price is GBX 270.54. The company has a debt-to-equity ratio of 103.83, a current ratio of 1.02 and a quick ratio of 0.65. The firm has a market cap of £205.99 million, a price-to-earnings ratio of 1,188.41 and a beta of 0.78.

Kitwave Group (LON:KITW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 1st. The company reported GBX 7.90 earnings per share for the quarter. Kitwave Group had a net margin of 2.83% and a return on equity of 20.87%. Equities analysts expect that Kitwave Group plc will post 33.0838323 earnings per share for the current year.

Insider Buying and Selling at Kitwave Group

In other news, insider Gerard T. Murray acquired 15,000 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was acquired at an average price of GBX 238 per share, with a total value of £35,700. 18.55% of the stock is currently owned by corporate insiders.

About Kitwave Group

Kitwave Group plc is a delivered wholesale business with over 2,100 employees and a network of 37 depots able to support delivery throughout the UK, specialising in selling impulse products (such as confectionery, soft drinks, snacks, ice cream), frozen and chilled foods, alcohol, groceries and tobacco to over 46,000, mainly independent, customers.