Workspace Group (LON:WKP) Shares Pass Above 200-Day Moving Average - Here's What Happened

Key Points

• Workspace Group shares rose above their 200-day moving average of GBX 356.01, reaching GBX 369.80 before last trading at GBX 361.93 on volume of 568,660 shares.
• Analyst sentiment is broadly positive: four analysts rate the stock a Buy and two rate it Hold, resulting in a “Moderate Buy” consensus and an average price target of GBX 415.50.
• The company reported quarterly revenue of £181.40 million and earnings of GBX 31.30 per share, but continues to post negative net margin and return on equity.

Workspace Group Plc (LON:WKP - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 356.01 and traded as high as GBX 369.80. Workspace Group shares last traded at GBX 361.93, with a volume of 568,660 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on WKP shares. Berenberg Bank raised their target price on shares of Workspace Group from GBX 401 to GBX 427 and gave the stock a "buy" rating in a research note on Thursday, June 18th. Jefferies Financial Group reiterated a "buy" rating and issued a GBX 406 price target on shares of Workspace Group in a research report on Thursday, June 11th. Peel Hunt reissued a "hold" rating and issued a GBX 350 price objective on shares of Workspace Group in a research note on Friday, July 24th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Workspace Group from GBX 480 to GBX 400 and set a "hold" rating on the stock in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Workspace Group from GBX 500 to GBX 410 and set an "overweight" rating for the company in a report on Tuesday, June 9th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Workspace Group currently has an average rating of "Moderate Buy" and an average price target of GBX 415.50.

Workspace Group Stock Performance

The stock has a market cap of £697.25 million, a P/E ratio of -5.78, a PEG ratio of 1.54 and a beta of 1.09. The company has a debt-to-equity ratio of 59.71, a current ratio of 0.42 and a quick ratio of 0.11. The firm's 50-day moving average price is GBX 355.64 and its 200-day moving average price is GBX 356.01.

Workspace Group (LON:WKP - Get Free Report) last posted its earnings results on Wednesday, June 10th. The company reported GBX 31.30 earnings per share for the quarter. The company had revenue of £181.40 million during the quarter. Workspace Group had a negative net margin of 66.32% and a negative return on equity of 8.83%. Sell-side analysts expect that Workspace Group Plc will post 36.7630058 earnings per share for the current fiscal year.

About Workspace Group

Workspace is London's leading owner and operator of flexible workspace, currently managing 4.7 million sq. ft. of sustainable space at 79 locations in London and the South East. We are home to some 4,000 of London's fastest growing and established brands from a diverse range of sectors. Our purpose, to give businesses the freedom to grow, is based on the belief that in the right space, teams can achieve more. That in environments they tailor themselves, free from constraint and compromise, teams are best able to collaborate, build their culture and realise their potential.

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