Mitie Group (LON:MTO) Shares Down 9.8% – Here’s What Happened

Mitie Group plc (LON:MTO) dropped 9.8% during mid-day trading on Thursday . The stock traded as low as GBX 141.80 ($1.92) and last traded at GBX 144 ($1.95). Approximately 5,123,446 shares traded hands during trading, an increase of 17% from the average daily volume of 4,390,673 shares. The stock had previously closed at GBX 159.60 ($2.16).

Analyst Upgrades and Downgrades

Separately, Berenberg Bank increased their price target on Mitie Group from GBX 160 ($2.17) to GBX 165 ($2.24) and gave the company a “buy” rating in a research note on Wednesday, April 16th.

Mitie Group Stock Down 12.0%

The firm has a market capitalization of £1.77 billion, a price-to-earnings ratio of 14.59, a P/E/G ratio of 10.10 and a beta of 1.41. The business’s 50-day moving average is GBX 139.39 and its two-hundred day moving average is GBX 122.18. The company has a debt-to-equity ratio of 85.41, a quick ratio of 0.83 and a current ratio of 0.90.

Mitie Group declared that its Board of Directors has authorized a stock repurchase program on Wednesday, April 16th that allows the company to buyback 0 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Mitie Group

In other news, insider Derek Mapp bought 8,571 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was acquired at an average cost of GBX 115 ($1.56) per share, with a total value of £9,856.65 ($13,357.70). Insiders acquired 8,797 shares of company stock valued at $1,015,714 in the last ninety days. 5.65% of the stock is currently owned by corporate insiders.

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.