Mitie Group (LON:MTO) Shares Pass Above 200-Day Moving Average - Here's What Happened

Mitie Group plc (LON:MTO - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 116.19 ($1.54) and traded as high as GBX 149.40 ($1.99). Mitie Group shares last traded at GBX 148.60 ($1.97), with a volume of 3,582,727 shares traded.

Wall Street Analyst Weigh In

Separately, Berenberg Bank raised their price target on shares of Mitie Group from GBX 160 ($2.13) to GBX 165 ($2.19) and gave the stock a "buy" rating in a research report on Wednesday, April 16th.

Mitie Group Price Performance

The firm has a market cap of £1.89 billion, a P/E ratio of 15.59, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41. The company has a current ratio of 0.90, a quick ratio of 0.83 and a debt-to-equity ratio of 85.41. The business has a 50-day moving average of GBX 124.85 and a two-hundred day moving average of GBX 117.27.

Mitie Group announced that its board has authorized a stock buyback program on Wednesday, April 16th that permits the company to buyback 0 shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Mitie Group

In other Mitie Group news, insider Derek Mapp acquired 8,571 shares of the stock in a transaction on Tuesday, April 1st. The shares were purchased at an average price of GBX 115 ($1.53) per share, for a total transaction of £9,856.65 ($13,096.80). Corporate insiders own 5.65% of the company's stock.

Mitie Group Company Profile

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.