Drax Group (LON:DRX) Upgraded at Citigroup

Key Points

• Drax Group was upgraded to a "neutral" rating by Citigroup, with a target price increase from GBX 529 ($7.11) to GBX 682 ($9.16), suggesting a potential downside of 1.02% from the previous close.
• JPMorgan Chase & Co. has initiated coverage on Drax Group with an "overweight" rating and a target price of GBX 1,000 ($13.44).
• Insider Will Gardiner sold 150,000 shares of Drax Group stock at an average price of GBX 660 ($8.87), totaling approximately £990,000 ($1,330,287.56).

Drax Group (LON:DRX - Get Free Report) was upgraded by equities researchers at Citigroup to a "neutral" rating in a research note issued to investors on Monday,London Stock Exchange reports. The firm presently has a GBX 682 ($9.16) price objective on the stock, up from their previous price objective of GBX 529 ($7.11). Citigroup's target price would suggest a potential downside of 1.02% from the company's previous close.

Separately, JPMorgan Chase & Co. started coverage on Drax Group in a research note on Friday, July 4th. They issued an "overweight" rating and a GBX 1,000 ($13.44) target price on the stock.

Drax Group Stock Up 1.5%

DRX stock opened at GBX 689 ($9.26) on Monday. The business has a 50 day moving average of GBX 669.88 and a 200 day moving average of GBX 624.98. The firm has a market cap of £2.53 billion, a PE ratio of 4.09, a price-to-earnings-growth ratio of 0.10 and a beta of 1.22. Drax Group has a twelve month low of GBX 534.50 ($7.18) and a twelve month high of GBX 713.50 ($9.59). The company has a quick ratio of 0.32, a current ratio of 1.26 and a debt-to-equity ratio of 64.11.

Insider Activity at Drax Group

In related news, insider Will Gardiner sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of GBX 660 ($8.87), for a total transaction of £990,000 ($1,330,287.56). 0.67% of the stock is currently owned by insiders.

About Drax Group

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.

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