Chemring Group (LON:CHG) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• Chemring Group shares rose above their 200-day moving average, reaching GBX 547.50 before closing at GBX 531.50, with more than 1.6 million shares traded.
• Analysts remain bullish: five analysts rate the stock a “Buy,” with a consensus price target of GBX 637. Recent targets range from GBX 650 to GBX 680.
• Insiders sold shares worth approximately £1.57 million in early August, while insiders collectively retain a 1.17% stake in the company.

Chemring Group PLC (LON:CHG - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 539.31 and traded as high as GBX 547.50. Chemring Group shares last traded at GBX 531.50, with a volume of 1,624,262 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada boosted their target price on Chemring Group from GBX 580 to GBX 680 and gave the stock an "outperform" rating in a research report on Monday, August 10th. Berenberg Bank raised their price target on Chemring Group from GBX 590 to GBX 660 and gave the company a "buy" rating in a report on Monday, August 3rd. Jefferies Financial Group reiterated a "buy" rating and issued a GBX 658 price objective on shares of Chemring Group in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a GBX 650 price objective on shares of Chemring Group in a report on Friday, June 26th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of GBX 637.

Chemring Group Stock Down 1.1%

The business's fifty day simple moving average is GBX 572.36 and its 200 day simple moving average is GBX 539.31. The company has a current ratio of 1.38, a quick ratio of 0.70 and a debt-to-equity ratio of 51.32. The stock has a market cap of £1.44 billion, a price-to-earnings ratio of 43.21, a price-to-earnings-growth ratio of 1.99 and a beta of 0.80.

Insider Buying and Selling

In related news, insider Sarah Ellard sold 57,597 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of GBX 602, for a total value of £346,733.94. Also, insider Michael Ord sold 200,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of GBX 612, for a total value of £1,224,000. Insiders own 1.17% of the company's stock.

About Chemring Group

We are a specialist manufacturing and technology business creating market-leading innovative solutions to meet our customers' complex needs. Using our extensive science and engineering expertise, we turn ideas into reality, designing and developing critical solutions that protect and safeguard in unpredictable environments in today's increasingly unstable world. We achieve this by innovating at every stage of the value chain, from research and development (“R&D”) through to design, manufacture and in-service support, working closely with our customers to deliver products, services and solutions for mission-critical success. Our customer base spans national defence organisations, security and law enforcement agencies, as well as commercial markets such as space and transport.

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