Mitie Group (LON:MTO) Stock Price Passes Above 200-Day Moving Average – What’s Next?

Mitie Group plc (LON:MTO) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of GBX 178.94 and traded as high as GBX 210.40. Mitie Group shares last traded at GBX 209.65, with a volume of 5,264,221 shares changing hands.

Analyst Ratings Changes

Several brokerages have issued reports on MTO. Berenberg Bank lowered Mitie Group to a “hold” rating and lowered their target price for the company from GBX 230 to GBX 219 in a research note on Wednesday, September 2nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 195 price target on shares of Mitie Group in a research note on Monday, June 8th. Finally, Royal Bank Of Canada dropped their price objective on shares of Mitie Group from GBX 205 to GBX 200 and set an “outperform” rating on the stock in a report on Friday, June 5th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Mitie Group currently has an average rating of “Moderate Buy” and an average target price of GBX 201.25.

Mitie Group Stock Performance

The business has a 50 day moving average of GBX 194.49 and a 200-day moving average of GBX 179.12. The company has a market capitalization of £2.61 billion, a P/E ratio of 34.31, a price-to-earnings-growth ratio of 10.10 and a beta of 0.89. The company has a debt-to-equity ratio of 107.60, a quick ratio of 0.83 and a current ratio of 0.89.

Insider Activity

In other news, insider Salma Shah purchased 2,220 shares of the stock in a transaction dated Wednesday, July 1st. The shares were purchased at an average cost of GBX 149 per share, with a total value of £3,307.80. Also, insider Simon Kirkpatrick sold 656,219 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of GBX 209, for a total transaction of £1,371,497.71. Insiders have purchased a total of 3,795 shares of company stock worth $569,703 over the last ninety days. Company insiders own 2.34% 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.