Speedy Hire (LON:SDY) Shares Up 18.8% After Insider Buying Activity

Key Points

• Speedy Hire's stock price increased by 18.8% after notable insider buying activity, with shares trading as high as GBX 29 ($0.39) during Monday's trading session.
• Insiders Shatish D. Dasani and David J. B. Shearer purchased a combined total of 260,500 shares at an average price of GBX 28 each, totaling over £72,000.
• Canaccord Genuity Group has maintained a "buy" rating for Speedy Hire, with a price target of GBX 60, indicating positive analyst sentiment towards the stock.

Speedy Hire Plc (LON:SDY - Get Free Report)'s stock price rose 18.8% during trading on Monday following insider buying activity. The company traded as high as GBX 29 ($0.39) and last traded at GBX 28.70 ($0.39). Approximately 4,539,014 shares traded hands during trading, an increase of 313% from the average daily volume of 1,098,396 shares. The stock had previously closed at GBX 24.17 ($0.32).

Specifically, insider Shatish D. Dasani bought 10,500 shares of the firm's stock in a transaction on Monday, October 6th. The stock was purchased at an average price of GBX 28 per share, for a total transaction of £2,940. Also, insider David J. B. Shearer purchased 250,000 shares of the company's stock in a transaction on Monday, October 6th. The shares were bought at an average price of GBX 28 per share, for a total transaction of £70,000.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group reiterated a "buy" rating and set a GBX 60 price target on shares of Speedy Hire in a research report on Thursday, September 4th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of GBX 65.

Speedy Hire Stock Performance

The firm's 50-day simple moving average is GBX 27.03 and its two-hundred day simple moving average is GBX 25.14. The company has a current ratio of 0.94, a quick ratio of 0.90 and a debt-to-equity ratio of 115.48. The stock has a market capitalization of £132.17 million, a PE ratio of -11,958.33, a PEG ratio of 0.21 and a beta of 1.25.

About Speedy Hire

Speedy Hire Plc, together with its subsidiaries, provides tools, equipment, and plant hire services to the construction, infrastructure, and industrial markets in the United Kingdom and Ireland. The company hires a range of tools and accessories, including access, lighting, lifting, rail, survey and safety, ATEX, plant, communications, and pipework and engineering equipment; compressors, generators, and pumps; and heating, ventilation, and cooling equipment.

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