Mitie Group (LON:MTO) Stock Price Passes Above 200-Day Moving Average – Time to Sell?

Mitie Group plc (LON:MTO) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 142.10 ($1.90) and traded as high as GBX 160.80 ($2.15). Mitie Group shares last traded at GBX 159.03 ($2.12), with a volume of 6,959,164 shares traded.

Analysts Set New Price Targets

MTO has been the subject of a number of research analyst reports. Berenberg Bank lifted their target price on Mitie Group from GBX 175 to GBX 185 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft lifted their target price on Mitie Group from GBX 165 to GBX 170 and gave the company a “buy” rating in a research report on Monday, August 11th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a GBX 145 target price on shares of Mitie Group in a research report on Thursday, September 11th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of GBX 166.67.

Mitie Group Stock Performance

The company has a market cap of £2.08 billion, a P/E ratio of 21.15, a PEG ratio of 10.10 and a beta of 1.41. The firm has a 50 day moving average of GBX 143.12 and a 200-day moving average of GBX 142.10. The company has a quick ratio of 0.83, a current ratio of 0.90 and a debt-to-equity ratio of 85.41.

Mitie Group announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 14th that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Mitie Group

In other Mitie Group news, insider Phillip Bentley sold 2,000,032 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of GBX 138, for a total transaction of £2,760,044.16. Also, insider Salma Shah bought 2,423 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were bought at an average cost of GBX 138 per share, for a total transaction of £3,343.74. In the last 90 days, insiders have purchased 4,580 shares of company stock valued at $633,884. 1.77% of the stock is currently owned by corporate insiders.

Mitie Group Company Profile

Mitie Group plc, together with its subsidiaries, provides facilities management and professional services in the United Kingdom and internationally. The company operates in four segments: Business Services, Technical Services, Central Government & Defense (CG&D), Communities. The company provides decarbonization, electrical grid connections, emission intelligence, energy and carbon, EV fleets, and heat solutions, as well as solar energy; cleaning and hygiene, engineering maintenance, integrated facilities management, landscape, and waste management services; project and workplace services; and Fire & security systems, front of house, intelligence, vetting, and security guarding service.