Mitie Group (LON:MTO) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Mitie Group plc (LON:MTO) shares passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of GBX 186.90 and traded as high as GBX 210.80. Mitie Group shares last traded at GBX 210.60, with a volume of 690,531 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank downgraded shares of Mitie Group to a “hold” rating and cut their price objective for the stock from GBX 230 to GBX 219 in a research report on Wednesday, September 2nd. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of GBX 201.25.

Mitie Group Stock Performance

The company has a debt-to-equity ratio of 107.60, a current ratio of 0.89 and a quick ratio of 0.83. The stock has a market capitalization of £2.68 billion, a PE ratio of 34.59, a P/E/G ratio of 10.10 and a beta of 0.87. The stock has a 50 day moving average of GBX 209.79 and a two-hundred day moving average of GBX 187.07.

Insider Buying and Selling at Mitie Group

In related news, insider Mary Reilly purchased 1,135 shares of the stock in a transaction dated Thursday, October 1st. The shares were acquired at an average cost of GBX 211 per share, with a total value of £2,394.85. Also, insider Simon Kirkpatrick sold 369,123 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of GBX 210, for a total transaction of £775,158.30. Over the last quarter, insiders acquired 3,094 shares of company stock valued at $652,403. 2.49% of the stock is owned by company insiders.

About Mitie Group

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.