IG Group (LON:IGG) Reaches New 52-Week High – What’s Next?

IG Group Holdings plc (LON:IGG)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as GBX 1,316 and last traded at GBX 1,316, with a volume of 1422876 shares changing hands. The stock had previously closed at GBX 1,305.

Analysts Set New Price Targets

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

IG Group Stock Up 0.5%

The company has a debt-to-equity ratio of 17.04, a current ratio of 2.47 and a quick ratio of 2.40. The stock has a market capitalization of £4.48 billion, a PE ratio of 12.48, a PEG ratio of -1.44 and a beta of 0.55. The company has a 50 day moving average price of GBX 1,140.59 and a 200-day moving average price of GBX 1,112.52.

IG Group announced that its board has authorized a stock repurchase plan on Thursday, September 4th that authorizes the company to repurchase 0 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Breon Corcoran bought 61,499 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were purchased at an average price of GBX 1,075 per share, with a total value of £661,114.25. Also, insider Wu Gang purchased 5,576 shares of IG Group stock in a transaction that occurred on Monday, October 6th. The shares were bought at an average price of GBX 1,071 per share, for a total transaction of £59,718.96. In the last ninety days, insiders purchased 85,576 shares of company stock worth $91,889,391. 1.14% of the stock is currently owned by corporate insiders.

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. IG Group continues to innovate its offering for the new generation of tomorrow’s
investors through its IG, tastytrade, IG Prime, Spectrum, and DailyFX brands.

Established in 1974, IG Group is a London-headquartered FTSE 250 company offering its clients access to ~19,000
financial markets through its offices spread across Europe, North America, Africa, Asia-Pacific and the Middle East.