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

Key Points

• Speedy Hire's share price surged 18.8% after insider purchasing activity, with trades reaching as high as GBX 29 ($0.39).
• Insider Shatish D. Dasani bought 10,500 shares and David J. B. Shearer purchased 250,000 shares, both at an average price of GBX 28 per share.
• Analysts from Canaccord Genuity have reiterated a "buy" rating for Speedy Hire, setting a price target of GBX 60, while the consensus rating remains "Buy" with an average target of GBX 65.

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

Specifically, insider Shatish D. Dasani purchased 10,500 shares of Speedy Hire stock in a transaction that occurred on Monday, October 6th. The stock was bought at an average price of GBX 28 per share, with a total value of £2,940. Also, insider David J. B. Shearer bought 250,000 shares of the business's stock in a transaction on Monday, October 6th. The shares were acquired 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 issued a GBX 60 price objective on shares of Speedy Hire in a report on Thursday, September 4th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Speedy Hire has a consensus rating of "Buy" and an average price target of GBX 65.

Speedy Hire Stock Performance

The business has a fifty day simple moving average of GBX 27.03 and a two-hundred day simple moving average of GBX 25.14. The company has a market cap of £132.17 million, a P/E ratio of -11,958.33, a P/E/G ratio of 0.21 and a beta of 1.25. The company has a quick ratio of 0.90, a current ratio of 0.94 and a debt-to-equity ratio of 115.48.

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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