Mitie Group (LON:MTO) Trading Up 12.9% – What’s Next?

Mitie Group plc (LON:MTO)’s stock price traded up 12.9% during trading on Wednesday . The company traded as high as GBX 158.60 ($2.11) and last traded at GBX 156.95 ($2.09). 20,864,773 shares traded hands during mid-day trading, an increase of 334% from the average session volume of 4,804,687 shares. The stock had previously closed at GBX 139 ($1.85).

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Mitie Group from GBX 165 to GBX 170 and gave the stock a “buy” rating in a research note on Monday, August 11th. Berenberg Bank reaffirmed a “buy” rating and set a GBX 175 price target on shares of Mitie Group in a research note on Tuesday, September 2nd. Finally, 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. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of GBX 163.33.

Mitie Group Stock Down 1.6%

The business’s fifty day moving average is GBX 141.82 and its two-hundred day moving average is GBX 140.58. The company has a market cap of £2.02 billion, a P/E ratio of 2,052.63, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41. The company has a debt-to-equity ratio of 85.41, a quick ratio of 0.83 and a current ratio of 0.90.

Mitie Group announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 14th that authorizes the company to buyback 0 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Mitie Group

In related news, insider Mary Reilly acquired 1,844 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was bought at an average price of GBX 138 per share, for a total transaction of £2,544.72. Also, insider Phillip Bentley sold 2,000,032 shares of the business’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of GBX 138, for a total transaction of £2,760,044.16. Insiders purchased 4,472 shares of company stock worth $618,980 in the last 90 days. 1.77% of the stock is owned by corporate 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.