The stock of Mitie Group PLC (LON:MTO) gapped down by GBX 5.315 today and has GBX 197.14 target or 3.00% below today’s GBX 203.24 share price. The 8 months technical chart setup indicates high risk for the GBX 729.72 million company. The gap down was reported on Nov, 22 by Barchart.com. If the GBX 197.14 price target is reached, the company will be worth GBX 21.89M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock increased 6.97% or GBX 13.24 on November 22, hitting GBX 203.24. About 5.64 million shares traded hands or 154.05% up from the average. Mitie Group PLC (LON:MTO) has declined 25.64% since April 26, 2016 and is downtrending. It has underperformed by 30.19% the S&P500.
Mitie Group PLC (LON:MTO) Ratings Coverage
Out of 11 analysts covering MITIE Group PLC (LON:MTO), 2 rate it a “Buy”, 4 “Sell”, while 5 “Hold”. This means 18% are positive. MITIE Group PLC has been the topic of 46 analyst reports since August 12, 2015 according to StockzIntelligence Inc. Canaccord Genuity maintained it with “Buy” rating and GBX 270 target price in Monday, September 19 report. The rating was maintained by Peel Hunt with “Sell” on Thursday, October 13. The stock has “Sell” rating given by Peel Hunt on Monday, May 23. The firm has “Buy” rating given on Tuesday, September 29 by Investec. The stock of Mitie Group PLC (LON:MTO) earned “Underweight” rating by Barclays Capital on Tuesday, March 29. The stock has “Underweight” rating given by Barclays Capital on Monday, July 25. Canaccord Genuity maintained it with “Buy” rating and GBX 320 target price in Wednesday, September 30 report. The rating was maintained by Liberum Capital with “Hold” on Monday, September 19. The firm earned “Buy” rating on Thursday, March 24 by Canaccord Genuity. RBC Capital Markets downgraded the stock to “Underperform” rating in Wednesday, November 16 report.
Another recent and important Mitie Group PLC (LON:MTO) news was published by Seekingalpha.com which published an article titled: “Mitie Group PLC – Overblown Brexit Fears Offer Investors Chance To Clean Up” on September 29, 2016.
Mitie Group plc is a holding company. The company has a market cap of 729.72 million GBP. The Firm is engaged in providing management services. It has a 9.67 P/E ratio. The Firm focuses on providing strategic outsourcing services.
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