Speedy Hire (LON:SDY) Stock Price Down 8.1% - Here's What Happened

Key Points

• Speedy Hire's stock price fell 8.1% to GBX 25.05 ($0.33) during mid-day trading, with trading volume increasing by 123% compared to the average daily volume.
• Despite the drop, analysts from Canaccord Genuity raised their price target for Speedy Hire from GBX 60 to GBX 79 and have given the stock a "buy" rating.
• Insider purchases are notable, with two insiders buying a total of 205,000 shares at an average price of GBX 29, indicating confidence in the company's future.

Shares of Speedy Hire Plc (LON:SDY - Get Free Report) dropped 8.1% during mid-day trading on Wednesday . The stock traded as low as GBX 25.05 ($0.33) and last traded at GBX 25.05 ($0.33). Approximately 2,465,447 shares traded hands during trading, an increase of 123% from the average daily volume of 1,107,631 shares. The stock had previously closed at GBX 27.25 ($0.36).

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group upped their price target on Speedy Hire from GBX 60 to GBX 79 and gave the company a "buy" rating in a research report on Tuesday, October 7th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of GBX 74.50.

Speedy Hire Stock Performance

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 company has a 50-day moving average of GBX 26.25 and a 200-day moving average of GBX 25.84. The firm has a market capitalization of £115.36 million, a price-to-earnings ratio of -104.38, a price-to-earnings-growth ratio of 0.21 and a beta of 1.25.

Insider Buying and Selling

In other Speedy Hire news, insider David N. C. Garman purchased 200,000 shares of the firm's stock in a transaction dated Wednesday, October 8th. The stock was bought at an average price of GBX 29 per share, with a total value of £58,000. Also, insider Paul A. Rayner purchased 5,000 shares of the firm's stock in a transaction dated Tuesday, October 7th. The stock was acquired at an average cost of GBX 29 per share, with a total value of £1,450. Insiders bought 550,500 shares of company stock valued at $15,704,000 over the last three months. Corporate insiders own 2.25% of the company's stock.

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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