Mitie Group (LON:MTO) Shares Down 11% – Time to Sell?

Mitie Group plc (LON:MTO) traded down 11% during trading on Thursday . The stock traded as low as GBX 139.40 ($1.89) and last traded at GBX 142 ($1.92). 7,128,133 shares traded hands during trading, an increase of 62% from the average session volume of 4,409,409 shares. The stock had previously closed at GBX 159.60 ($2.16).

Analyst Ratings Changes

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

Mitie Group Stock Down 11.3%

The company has a market cap of £1.79 billion, a P/E ratio of 14.71, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41. The company has a 50 day moving average of GBX 139.39 and a 200-day moving average of GBX 122.18. The company has a debt-to-equity ratio of 85.41, a current ratio of 0.90 and a quick ratio of 0.83.

Mitie Group declared that its board has authorized a stock buyback program on Wednesday, April 16th that authorizes the company to repurchase 0 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Mitie Group

In other news, insider Derek Mapp purchased 8,571 shares of the stock in a transaction on Tuesday, April 1st. The shares were acquired at an average price of GBX 115 ($1.56) per share, for a total transaction of £9,856.65 ($13,357.70). Insiders have purchased 8,797 shares of company stock valued at $1,015,714 over the last three months. 5.65% of the stock is owned by corporate insiders.

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.