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

Mitie Group plc (LON:MTO - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 128.64 ($1.73) and traded as high as GBX 138.20 ($1.85). Mitie Group shares last traded at GBX 136.93 ($1.84), with a volume of 2,621,056 shares.

Analyst Upgrades and Downgrades

Separately, Berenberg Bank increased their price objective on shares of Mitie Group from GBX 160 ($2.15) to GBX 165 ($2.21) and gave the company a "buy" rating in a report on Wednesday, April 16th.

Mitie Group Stock Performance

The company has a debt-to-equity ratio of 85.41, a current ratio of 0.90 and a quick ratio of 0.83. The stock's 50 day simple moving average is GBX 145.74 and its two-hundred day simple moving average is GBX 129.28. The stock has a market cap of £1.73 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41.

Mitie Group (LON:MTO - Get Free Report) last posted its earnings results on Thursday, June 5th. The company reported GBX 12.70 ($0.17) EPS for the quarter. Mitie Group had a net margin of 2.52% and a return on equity of 28.24%. As a group, research analysts forecast that Mitie Group plc will post 10.9360519 EPS for the current year.

Mitie Group declared that its board has authorized a share buyback plan on Wednesday, April 16th that authorizes the company to buyback 0 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Mitie Group news, insider Christopher Rogers bought 144,000 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average price of GBX 137 ($1.84) per share, for a total transaction of £197,280 ($264,627.77). Also, insider Derek Mapp purchased 7,235 shares of Mitie Group stock in a transaction that occurred on Tuesday, July 1st. The stock was purchased at an average cost of GBX 141 ($1.89) per share, for a total transaction of £10,201.35 ($13,683.90). Insiders purchased a total of 155,703 shares of company stock worth $21,379,029 over the last three months. Company 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.