Mitie Group (LON:MTO) Stock Price Up 12.9% - Here's What Happened

Key Points

• Mitie Group plc (LON:MTO) saw its stock price increase by 12.9% during mid-day trading, closing at GBX 156.95 ($2.09) with over 20 million shares traded.
• Analysts have a consensus rating of "Moderate Buy" for the stock, with a price target average of GBX 163.33, reflecting positive sentiment among industry experts.
• Insider purchases indicate confidence in the company, with insiders acquiring a total of 4,472 shares valued at $618,980 in the last ninety days.

Mitie Group plc (LON:MTO - Get Free Report) shot up 12.9% during mid-day trading on Tuesday . The stock traded as high as GBX 158.60 ($2.11) and last traded at GBX 156.95 ($2.09). 20,864,773 shares were traded during trading, an increase of 334% from the average session volume of 4,804,687 shares. The stock had previously closed at GBX 139 ($1.85).

Analyst Ratings Changes

Several research analysts recently commented on the stock. Berenberg Bank reaffirmed a "buy" rating and issued a GBX 175 price target on shares of Mitie Group in a research note on Tuesday, September 2nd. Deutsche Bank Aktiengesellschaft lifted 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, Jefferies Financial Group reaffirmed a "hold" rating and set a GBX 145 target price on shares of Mitie Group in a report on Thursday, September 11th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of GBX 163.33.

Mitie Group Trading Up 12.9%

The stock has a market capitalization of £2.03 billion, a price-to-earnings ratio of 2,065.13, a P/E/G 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 fifty day moving average of GBX 141.82 and a two-hundred day moving average of GBX 140.58.

Insider Buying and Selling

In related news, insider Mary Reilly purchased 1,844 shares of Mitie Group stock in a transaction that occurred on Wednesday, October 1st. The shares were purchased at an average cost of GBX 138 per share, with a total value of £2,544.72. Also, insider Salma Shah bought 2,423 shares of the business's stock in a transaction on Wednesday, October 1st. The stock was acquired at an average cost of GBX 138 per share, for a total transaction of £3,343.74. In the last ninety days, insiders have purchased 4,472 shares of company stock valued at $618,980. Corporate insiders own 1.77% of the company's stock.

About Mitie Group

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.

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