Shares of Baltic Classifieds Group PLC (LON:BCG) experienced a significant drop of 15.3% during trading on Thursday, following a downgrade from Berenberg Bank. The bank revised its price target for the stock from GBX 360 to GBX 335, although it maintains a buy rating on the company’s shares.
During the trading session, Baltic Classifieds Group saw its stock price fall to a low of GBX 168 before closing at GBX 186. The volume of shares traded reached 22,166,805, marking an increase of 820% compared to the average volume of 2,408,758 shares, which indicates heightened investor activity. The stock had previously closed at GBX 219.50 prior to this market movement.
Other analysts have also weighed in on Baltic Classifieds Group’s performance. On September 25, 2023, Deutsche Bank Aktiengesellschaft upgraded the stock to a buy rating and increased its price objective from GBX 366 to GBX 373. Conversely, JPMorgan Chase & Co. raised its price target from GBX 194 to GBX 208, but assigned an underweight rating to the stock.
Currently, the consensus rating for Baltic Classifieds Group stands at “Hold” according to data from MarketBeat. The average price target is reported at GBX 316.50, with two analysts recommending a buy, one issuing a hold rating, and one giving a sell rating.
Overview of Baltic Classifieds Group
As the market continues to respond to these fluctuations, investors will be closely monitoring further developments regarding Baltic Classifieds Group’s performance and analyst coverage. The changes in stock ratings and price targets reflect the ongoing reassessment of the company’s market position and potential for growth in the competitive online classifieds landscape.
