IG Group (LON:IGG) Reaches New 1-Year High – Still a Buy?

IG Group Holdings plc (LON:IGG)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as GBX 1,169 and last traded at GBX 1,167, with a volume of 1631203 shares. The stock had previously closed at GBX 1,152.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IGG. Jefferies Financial Group restated a “buy” rating and set a GBX 1,250 target price on shares of IG Group in a research report on Friday, September 26th. Peel Hunt reaffirmed a “buy” rating and set a GBX 340 price objective on shares of IG Group in a research report on Thursday, October 16th. Shore Capital restated a “buy” rating and set a GBX 1,250 price objective on shares of IG Group in a research note on Thursday, September 25th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of IG Group in a research note on Tuesday, December 2nd. They issued a “buy” rating and a GBX 1,300 price target on the stock. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, IG Group presently has a consensus rating of “Buy” and an average price target of GBX 1,302.

IG Group Price Performance

The stock has a market capitalization of £3.94 billion, a P/E ratio of 10.99, a price-to-earnings-growth ratio of -1.44 and a beta of 0.55. The business has a fifty day simple moving average of GBX 1,102.79 and a 200 day simple moving average of GBX 1,101.07. The company has a current ratio of 2.47, a quick ratio of 2.40 and a debt-to-equity ratio of 17.04.

IG Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, September 4th that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Clifford Abrahams acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were acquired at an average cost of GBX 1,072 per share, for a total transaction of £53,600. Also, insider Breon Corcoran bought 61,499 shares of the stock in a transaction on Wednesday, October 1st. The stock was purchased at an average price of GBX 1,075 per share, for a total transaction of £661,114.25. Over the last ninety days, insiders have bought 85,576 shares of company stock worth $91,889,391. 1.14% of the stock is owned by insiders.

IG Group Company Profile

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.