Drax Group (LON:DRX) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Shares of Drax Group plc (LON:DRX) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 593.84 ($7.48) and traded as high as GBX 662 ($8.33). Drax Group shares last traded at GBX 651 ($8.20), with a volume of 771,055 shares trading hands.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group boosted their price target on shares of Drax Group from GBX 600 ($7.55) to GBX 750 ($9.44) and gave the stock a “buy” rating in a research note on Monday, July 29th.

Drax Group Trading Up 1.0 %

The business’s fifty day moving average is GBX 641.46 and its 200-day moving average is GBX 595.69. The firm has a market cap of £2.49 billion, a P/E ratio of 393.67, 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.

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.