Crest Nicholson Holdings plc (LON:CRST) experienced a significant decline in its share price on Tuesday, dropping by 15% during mid-day trading. The stock hit a low of GBX 138.90 and closed at the same price, a stark contrast to its previous close of GBX 163.40. The trading volume surged to approximately 3,324,498 shares, marking an increase of 136% compared to the average daily volume of 1,409,704 shares.
Analysts Weigh In on Crest Nicholson
The recent downturn has caught the attention of various analysts, who provided mixed ratings on the stock. In a report released on Tuesday, Peel Hunt reaffirmed an “add” rating for Crest Nicholson, setting a target price of GBX 190. Meanwhile, Berenberg Bank maintained a “hold” rating and adjusted its price objective to GBX 195, as noted in a research note from September 8, 2023.
Market sentiment appears to be cautiously optimistic, with one analyst assigning a Buy rating, while two others have classified the stock as a Hold. According to data from MarketBeat.com, Crest Nicholson currently holds a consensus rating of “Hold” and a target price consensus of GBX 191.67.
Crest Nicholson’s Business Overview
Crest Nicholson Holdings plc is a prominent player in the UK residential construction sector, specializing in the development and sale of homes, apartments, and commercial properties. Founded in 1963, the company is based in Addlestone, United Kingdom. As the housing market continues to evolve, the company remains focused on meeting the growing demand for residential properties across the country.
Investors are advised to monitor the stock closely, particularly in light of the recent analyst ratings and the fluctuating market dynamics. With Crest Nicholson’s position within the residential sector, stakeholders will be keen to see how the company navigates these challenges moving forward.
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