Safestore (LON:SAFE) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Safestore Holdings Plc shares surpassed their 200-day moving average of GBX 636.48, trading as high as GBX 648.50 on Friday.
• Deutsche Bank upgraded Safestore to a "buy" rating with a target price increase from GBX 770 to GBX 820.
• Insider Jane Bentall purchased 13,700 shares at an average price of GBX 689, indicating potential confidence in the company's future performance.

Safestore Holdings Plc (LON:SAFE - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 636.48 ($8.60) and traded as high as GBX 648.50 ($8.76). Safestore shares last traded at GBX 639 ($8.64), with a volume of 640,640 shares trading hands.

Wall Street Analyst Weigh In

Separately, Deutsche Bank Aktiengesellschaft upgraded shares of Safestore to a "buy" rating and lifted their price target for the company from GBX 770 to GBX 820 in a report on Friday, August 1st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of GBX 820.

Safestore Price Performance

The company has a debt-to-equity ratio of 41.53, a quick ratio of 0.90 and a current ratio of 0.89. The firm has a market capitalization of £1.41 billion, a P/E ratio of 477.84, a P/E/G ratio of 2.05 and a beta of 0.86. The stock's 50 day simple moving average is GBX 650.97 and its 200 day simple moving average is GBX 637.27.

Insider Buying and Selling at Safestore

In other news, insider Jane Bentall bought 13,700 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was bought at an average price of GBX 689 per share, with a total value of £94,393. Insiders own 7.87% of the company's stock.

Safestore Company Profile

Safestore is the UK's largest self storage group with 190 stores on 31 October 2023, comprising 133 wholly owned stores in the UK (including 73 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 29 wholly owned stores in the Paris region, 11 stores in Spain, 11 stores in the Netherlands and 6 stores in Belgium.