Workspace Group (LON:WKP) Stock Breaks Below 200-Day Moving Average - Here's Why

Key Points

• Workspace Group shares fell below their 200-day moving average of GBX 351.63, reaching GBX 350 before recovering to GBX 354.80 on trading volume of 6.1 million shares.
• Analyst sentiment remains generally positive: four analysts rate the stock a Buy and two rate it Hold, producing a consensus rating of Moderate Buy and an average price target of GBX 415.50.
• Price targets range from GBX 350 to GBX 427, while the company operates 79 flexible-workspace locations covering 4.7 million square feet across London and southeast England.

Workspace Group Plc (LON:WKP - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of GBX 351.63 and traded as low as GBX 350. Workspace Group shares last traded at GBX 354.80, with a volume of 6,094,233 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Jefferies Financial Group reiterated a "buy" rating and set a GBX 406 price objective on shares of Workspace Group in a research note on Thursday, June 11th. Berenberg Bank lifted their price target on Workspace Group from GBX 401 to GBX 427 and gave the stock a "buy" rating in a research note on Thursday, June 18th. Peel Hunt reissued a "hold" rating and issued a GBX 350 price objective on shares of Workspace Group in a report on Friday, July 24th. Deutsche Bank Aktiengesellschaft reduced their target price on Workspace Group from GBX 480 to GBX 400 and set a "hold" rating on the stock in a report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. lowered their price target on 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 assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of GBX 415.50.

Workspace Group Price Performance

The company has a market capitalization of £683.52 million, a P/E ratio of -5.67, a PEG ratio of 1.54 and a beta of 1.09. The company has a quick ratio of 0.11, a current ratio of 0.42 and a debt-to-equity ratio of 59.71. The business has a 50 day simple moving average of GBX 360.41 and a 200-day simple moving average of GBX 351.63.

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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