Drax Group (LON:DRX) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Drax Group plc (LON:DRX)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 587.62 ($7.56) and traded as high as GBX 646.50 ($8.32). Drax Group shares last traded at GBX 642 ($8.26), with a volume of 503,490 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group upped their price target on shares of Drax Group from GBX 600 ($7.72) to GBX 750 ($9.65) and gave the company a “buy” rating in a research report on Monday, July 29th.

Drax Group Trading Up 0.5 %

The stock has a market cap of £2.44 billion, a price-to-earnings ratio of 386.75, a price-to-earnings-growth ratio of 0.10 and a beta of 1.22. The company has a debt-to-equity ratio of 63.77, a quick ratio of 0.32 and a current ratio of 1.26. The company’s 50 day simple moving average is GBX 639.51 and its two-hundred day simple moving average is GBX 587.62.

About Drax Group

Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. It operates through three segments: Pellet Production, Generation, and Customers. The Pellet Production segment produces and sells biomass pellets. The Generation segment provides renewable, dispatchable power, and system support services to the electricity grid.