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

Key Points

• Mitie Group shares broke above their 200-day moving average, reaching GBX 210.80 and last trading at GBX 210.60, compared with a 200-day average of GBX 186.90.
• Berenberg Bank downgraded the stock to “Hold” and cut its price target from GBX 230 to GBX 219. Despite this, the analyst consensus remains “Moderate Buy,” with a GBX 201.25 target.
• Insider activity was mixed: Simon Kirkpatrick sold 369,123 shares for about £775,000, while Mary Reilly purchased 1,135 shares; insiders collectively own 2.49% of the company.

Mitie Group plc (LON:MTO - Get Free Report) shares passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of GBX 186.90 and traded as high as GBX 210.80. Mitie Group shares last traded at GBX 210.60, with a volume of 690,531 shares changing hands.

Analyst Ratings Changes

Separately, Berenberg Bank downgraded shares of Mitie Group to a "hold" rating and dropped their target price for the stock from GBX 230 to GBX 219 in a research report on Wednesday, September 2nd. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of GBX 201.25.

Mitie Group Stock Performance

The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 107.60. The company has a 50-day moving average price of GBX 209.73 and a 200-day moving average price of GBX 186.90. The firm has a market capitalization of £2.67 billion, a price-to-earnings ratio of 34.52, a P/E/G ratio of 10.10 and a beta of 0.87.

Insider Buying and Selling

In related news, insider Simon Kirkpatrick sold 369,123 shares of Mitie Group stock in a transaction on Thursday, October 1st. The stock was sold at an average price of GBX 210, for a total value of £775,158.30. Also, insider Mary Reilly acquired 1,135 shares of the business's stock in a transaction on Thursday, October 1st. The shares were bought at an average price of GBX 211 per share, for a total transaction of £2,394.85. Over the last ninety days, insiders acquired 3,094 shares of company stock worth $652,403. Corporate insiders own 2.49% 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.

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