Plus500 (LON:PLUS) Board Authorizes Stock Repurchase Program

Plus500 (LON:PLUS) declared that its Board of Directors has authorized a share buyback plan on Monday, August 11th, RTT News reports. The company plans to repurchase $90.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Plus500 Stock Down 5.7%

Shares of LON:PLUS opened at GBX 3,228 ($43.36) on Tuesday. Plus500 has a fifty-two week low of GBX 2,304 ($30.95) and a fifty-two week high of GBX 3,492 ($46.90). The firm has a 50-day simple moving average of GBX 3,357.67 and a 200 day simple moving average of GBX 3,087.87. The company has a market cap of £2.98 billion, a PE ratio of 11.94, a P/E/G ratio of 0.24 and a beta of 0.20.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group lifted their target price on shares of Plus500 from GBX 2,650 ($35.59) to GBX 2,764 ($37.13) and gave the company a “hold” rating in a report on Wednesday, April 30th.

Plus500 Company Profile

Plus500 Ltd., a fintech company, operates technology-based trading platforms in Europe, the United Kingdom, Australia, and internationally. The company develops and operates an online trading platform, including over the counter (OTC) products comprising the contracts for difference (CFDs) sector enabling its international customer base of individual customers to trade CFDs on underlying financial instruments comprising shares, indices, commodities, options, ETFs, foreign exchange, and cryptocurrencies internationally.