IG Group (LON:IGG) Sets New 52-Week High – Here’s What Happened

IG Group Holdings plc (LON:IGG)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as GBX 1,167 and last traded at GBX 1,165.50, with a volume of 163408 shares. The stock had previously closed at GBX 1,163.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on IGG shares. Peel Hunt reissued a “buy” rating and set a GBX 340 target price on shares of IG Group in a research report on Thursday, October 16th. Jefferies Financial Group reiterated a “buy” rating and set a GBX 1,250 price objective on shares of IG Group in a research note on Friday, September 26th. Royal Bank Of Canada increased their price objective on shares of IG Group from GBX 1,150 to GBX 1,275 and gave the stock an “outperform” rating in a research report on Thursday, August 14th. Shore Capital reissued a “buy” rating and issued a GBX 1,250 target price on shares of IG Group in a research note on Thursday, September 25th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of IG Group in a report on Tuesday, December 2nd. They set a “buy” rating and a GBX 1,300 target price on the stock. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of GBX 1,302.

IG Group Trading Down 0.5%

The company has a current ratio of 2.47, a quick ratio of 2.40 and a debt-to-equity ratio of 17.04. The business’s 50-day simple moving average is GBX 1,094.53 and its two-hundred day simple moving average is GBX 1,100.09. The company has a market capitalization of £3.95 billion, a PE ratio of 11.01, a PEG ratio of -1.44 and a beta of 0.55.

IG Group declared that its board has approved a stock buyback program on Thursday, September 4th that allows the company to repurchase 0 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at IG Group

In other IG Group news, insider Wu Gang bought 5,576 shares of IG Group stock in a transaction dated Monday, October 6th. The stock was bought at an average cost of GBX 1,071 per share, for a total transaction of £59,718.96. Also, insider Breon Corcoran purchased 61,499 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were bought at an average cost of GBX 1,075 per share, with a total value of £661,114.25. Over the last 90 days, insiders acquired 85,576 shares of company stock valued at $91,889,391. Insiders own 1.14% of the company’s stock.

About IG Group

IG Group (LSEG:IGG) is an innovative, global fintech company that delivers dynamic online trading platforms and a
robust educational ecosystem to power the pursuit of financial freedom for the ambitious. For nearly five decades,
the Company has evolved its technology, risk management, financial products, content, and platforms to meet the
needs of its retail and institutional clients.