Mitie Group (LON:MTO) Shares Cross Above 200-Day Moving Average - Here's Why

Key Points

• Mitie Group's stock price has recently surpassed its 200-day moving average, trading as high as GBX 145.20 ($1.97) before closing at GBX 140.60 ($1.91).
• Equities analysts have issued target price revisions, with Berenberg Bank setting a target of GBX 175, while Jefferies and Deutsche Bank set targets of GBX 145 and GBX 170, respectively, indicating a consensus rating of "Moderate Buy."
• Insiders have shown confidence in the company by purchasing over 11,700 shares worth approximately $1.65 million in the last three months.

Mitie Group plc (LON:MTO - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of GBX 137.37 ($1.86) and traded as high as GBX 145.20 ($1.96). Mitie Group shares last traded at GBX 140.60 ($1.90), with a volume of 3,070,137 shares traded.

Analyst Ratings Changes

MTO has been the topic of a number of recent research reports. Jefferies Financial Group reiterated a "hold" rating and issued a GBX 145 target price on shares of Mitie Group in a report on Thursday, September 11th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Mitie Group from GBX 165 to GBX 170 and gave the company a "buy" rating in a research note on Monday, August 11th. Finally, Berenberg Bank reiterated a "buy" rating and set a GBX 175 price objective on shares of Mitie Group in a report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of GBX 163.33.

Mitie Group Stock Performance

The firm has a market cap of £1.79 billion, a PE ratio of 1,823.68, a PEG ratio of 10.10 and a beta of 1.41. The company has a quick ratio of 0.83, a current ratio of 0.90 and a debt-to-equity ratio of 85.41. The company has a 50-day simple moving average of GBX 142.01 and a two-hundred day simple moving average of GBX 137.98.

Insider Buying and Selling

In other news, insider Salma Shah acquired 2,360 shares of Mitie Group stock in a transaction that occurred on Tuesday, July 1st. The stock was bought at an average price of GBX 141 per share, with a total value of £3,327.60. Also, insider Derek Mapp bought 7,235 shares of the stock in a transaction on Tuesday, July 1st. The stock was purchased at an average price of GBX 141 per share, for a total transaction of £10,201.35. In the last 90 days, insiders have purchased 11,703 shares of company stock valued at $1,651,138. 1.67% of the stock is owned by company insiders.

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.