Mitie Group (LON:MTO) Stock Passes Above Two Hundred Day Moving Average - What's Next?

Mitie Group plc (LON:MTO - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 119.17 ($1.62) and traded as high as GBX 155.40 ($2.11). Mitie Group shares last traded at GBX 154.34 ($2.09), with a volume of 3,492,068 shares changing hands.

Wall Street Analyst Weigh In

Separately, Berenberg Bank upped their price objective on Mitie Group from GBX 160 ($2.17) to GBX 165 ($2.24) and gave the company a "buy" rating in a research report on Wednesday, April 16th.

Mitie Group Price Performance

The company has a 50-day moving average price of GBX 133.43 and a 200-day moving average price of GBX 120.05. The firm has a market capitalization of £2.00 billion, a PE ratio of 16.44, a P/E/G ratio of 10.10 and a beta of 1.41. The company has a debt-to-equity ratio of 85.41, a current ratio of 0.90 and a quick ratio of 0.83.

Mitie Group declared that its board has authorized a stock buyback program on Wednesday, April 16th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Derek Mapp purchased 8,571 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was bought at an average cost of GBX 115 ($1.56) per share, for a total transaction of £9,856.65 ($13,374.02). Over the last ninety days, insiders have acquired 8,797 shares of company stock worth $1,015,714. 5.65% 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.