Mitie Group (LON:MTO) Stock Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Mitie Group plc (LON:MTO) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of GBX 146.85 and traded as high as GBX 160.80. Mitie Group shares last traded at GBX 156.40, with a volume of 3,891,133 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on MTO shares. Jefferies Financial Group reaffirmed a “hold” rating and set a GBX 145 price target on shares of Mitie Group in a research note on Thursday, September 11th. Deutsche Bank Aktiengesellschaft increased their price objective on Mitie Group from GBX 165 to GBX 170 and gave the company a “buy” rating in a report on Monday, August 11th. Finally, Berenberg Bank lifted their target price on Mitie Group from GBX 185 to GBX 210 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of GBX 175.

Mitie Group Price Performance

The firm has a market cap of £1.96 billion, a P/E ratio of 20.08, a P/E/G ratio of 10.10 and a beta of 1.41. The company has a quick ratio of 0.83, a current ratio of 0.90 and a debt-to-equity ratio of 85.41. The business’s 50 day moving average is GBX 150.97 and its two-hundred day moving average is GBX 146.85.

Mitie Group declared that its Board of Directors has initiated a share repurchase plan on Tuesday, October 14th that allows the company to repurchase 0 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Mitie Group

In related news, insider Salma Shah acquired 2,423 shares of Mitie Group stock in a transaction dated Wednesday, October 1st. The stock was bought at an average price of GBX 138 per share, with a total value of £3,343.74. Also, insider Mary Reilly bought 1,844 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The shares were bought at an average price of GBX 138 per share, for a total transaction of £2,544.72. Insiders have acquired a total of 4,478 shares of company stock worth $618,788 in the last 90 days. Corporate insiders own 1.77% of the company’s stock.

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.