Focusrite (LON:TUNE) Shares Down 8.7% – Time to Sell?

Focusrite plc (LON:TUNE)’s share price fell 8.7% on Thursday . The company traded as low as GBX 210 and last traded at GBX 210. Approximately 302,436 shares were traded during mid-day trading, an increase of 88% from the average session volume of 160,756 shares. The stock had previously closed at GBX 230.

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reiterated a “buy” rating and issued a GBX 355 price target on shares of Focusrite in a research note on Thursday. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of GBX 355.

Focusrite Stock Up 4.8%

The firm has a 50-day moving average of GBX 194.69 and a 200 day moving average of GBX 208.91. The company has a debt-to-equity ratio of 26.31, a current ratio of 3.53 and a quick ratio of 0.77. The stock has a market capitalization of £127.76 million, a price-to-earnings ratio of 24.44, a PEG ratio of 2.95 and a beta of 1.08.

Focusrite (LON:TUNE) last posted its quarterly earnings results on Monday, June 29th. The company reported GBX 15.04 earnings per share for the quarter. Focusrite had a negative return on equity of 3.62% and a negative net margin of 2.52%. As a group, sell-side analysts forecast that Focusrite plc will post 17.2473868 earnings per share for the current fiscal year.

Insider Buying and Selling at Focusrite

In other news, insider Ian Barkshire bought 87,280 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was acquired at an average cost of GBX 200 per share, with a total value of £174,560. Corporate insiders own 34.66% of the company’s stock.

About Focusrite

Focusrite plc is a global music and audio products group that develops and markets proprietary hardware and software products. Used by audio professionals and amateur musicians alike, our solutions facilitate the high-quality production of recorded and live sound.

We are a rapidly growing group of innovative, market-leading brands, operating across two divisions.

Our Content Creation division is focussed on supporting our customers throughout their music-making journey, by removing barriers to creativity and delivering everything they need to make music.