Ondo InsurTech (LON:ONDO) Trading Down 11.5% – Here’s Why

Ondo InsurTech Plc (LON:ONDO)’s stock price dropped 11.5% during mid-day trading on Friday . The company traded as low as GBX 3.50 and last traded at GBX 3.51. Approximately 1,311,223 shares traded hands during mid-day trading, an increase of 27% from the average daily volume of 1,036,168 shares. The stock had previously closed at GBX 3.96.

Ondo InsurTech Stock Down 11.5%

The stock has a market cap of £5.25 million, a PE ratio of -0.58 and a beta of 0.85. The stock has a 50-day moving average of GBX 12.78 and a 200 day moving average of GBX 19.60.

Ondo InsurTech Company Profile

Ondo is a world leading provider of claims prevention technology for home insurers. Ondo’s focus is on the global scale-up of LeakBot – claims prevention technology that prevents water damage claims in houses. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to ‘find and fix’ the problem.