Inchcape (LON:INCH) Shares Down 13.3% – Here’s What Happened

Shares of Inchcape plc (LON:INCH) dropped 13.3% during mid-day trading on Thursday . The stock traded as low as GBX 624.50 ($7.69) and last traded at GBX 652 ($8.03). Approximately 12,121,266 shares were traded during trading, an increase of 240% from the average daily volume of 3,566,330 shares. The stock had previously closed at GBX 752 ($9.26).

Wall Street Analyst Weigh In

INCH has been the topic of several research reports. Citigroup reaffirmed a “buy” rating on shares of Inchcape in a research report on Tuesday, January 7th. JPMorgan Chase & Co. lowered Inchcape to a “neutral” rating in a report on Thursday. Finally, Berenberg Bank reiterated a “buy” rating and set a GBX 1,120 ($13.79) price objective on shares of Inchcape in a report on Friday, October 25th.

Inchcape Stock Down 13.3 %

The firm’s 50 day simple moving average is GBX 762.98 and its 200-day simple moving average is GBX 788.03. The company has a current ratio of 1.10, a quick ratio of 0.51 and a debt-to-equity ratio of 198.14. The stock has a market capitalization of £2.63 billion, a price-to-earnings ratio of 973.13, a price-to-earnings-growth ratio of 2.06 and a beta of 1.19.

Insider Activity at Inchcape

In other news, insider Byron Elmer Grote purchased 4,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was purchased at an average price of GBX 730 ($8.99) per share, for a total transaction of £29,200 ($35,947.31). 14.84% of the stock is owned by company insiders.

Inchcape Company Profile

Inchcape is the leading global automotive distributor, with operations across six continents. By combining our in-market expertise with our unique technology and advanced data analytics, we create innovative customer experiences that deliver outstanding performance for our partners – building stronger automotive brands and creating sustainable growth.