Drax Group (LON:DRX) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Drax Group shares have recently crossed above their 200-day moving average, indicating potential upward momentum, currently trading at GBX 699.75 ($9.39).
• Analysts have mixed views on Drax Group, with JPMorgan Chase issuing an "overweight" rating and a target price of GBX 1,000, while the average consensus target price stands at GBX 844.50.
• In a recent financial report, Drax Group reported an EPS of GBX 65.60 and a return on equity of 31.63%, with forecasts suggesting an EPS of approximately 97.47 for the year.

Drax Group plc (LON:DRX - Get Free Report) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 634.65 ($8.57) and traded as high as GBX 702.50 ($9.48). Drax Group shares last traded at GBX 699.75 ($9.45), with a volume of 467,812 shares changing hands.

Analyst Ratings Changes

DRX has been the subject of several research analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Drax Group in a research note on Friday, July 4th. They issued an "overweight" rating and a GBX 1,000 price target for the company. Citigroup lifted their price target on shares of Drax Group from GBX 682 to GBX 689 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Drax Group currently has an average rating of "Moderate Buy" and an average target price of GBX 844.50.

Drax Group Trading Up 0.4%

The company has a quick ratio of 0.32, a current ratio of 1.26 and a debt-to-equity ratio of 64.11. The firm's 50-day moving average price is GBX 688.81 and its 200 day moving average price is GBX 636.80. The company has a market capitalization of £2.58 billion, a P/E ratio of 4.17, a P/E/G ratio of 0.10 and a beta of 1.22.

Drax Group (LON:DRX - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported GBX 65.60 EPS for the quarter. Drax Group had a net margin of 9.42% and a return on equity of 31.63%. As a group, equities research analysts predict that Drax Group plc will post 97.4732006 earnings per share for the current year.

Insider Activity at Drax Group

In other news, insider Will Gardiner sold 150,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of GBX 660, for a total transaction of £990,000. 0.67% of the stock is currently owned by insiders.

Drax Group Company Profile

Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. It operates through three segments: Pellet Production, Generation, and Customers. The Pellet Production segment produces and sells biomass pellets. The Generation segment provides renewable, dispatchable power, and system support services to the electricity grid.