IG Group (LON:IGG) Stock Passes Above 200 Day Moving Average – Here’s Why

IG Group Holdings plc (LON:IGG)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 1,551.98 and traded as high as GBX 1,723. IG Group shares last traded at GBX 1,705, with a volume of 381,489 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on IGG shares. Deutsche Bank Aktiengesellschaft increased their target price on shares of IG Group from GBX 1,650 to GBX 1,750 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Royal Bank Of Canada boosted their price objective on shares of IG Group from GBX 1,600 to GBX 1,850 and gave the stock an “outperform” rating in a research report on Wednesday, May 20th. Finally, Jefferies Financial Group restated a “buy” rating and issued a GBX 1,250 price target on shares of IG Group in a research note on Wednesday, May 20th. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of GBX 1,288.

IG Group Stock Up 0.2%

The firm has a market capitalization of £5.63 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of -1.44 and a beta of 0.53. The company has a quick ratio of 2.40, a current ratio of 215.53 and a debt-to-equity ratio of 31.16. The firm has a 50 day moving average of GBX 1,823.52 and a two-hundred day moving average of GBX 1,551.98.

IG Group announced that its board has approved a share buyback plan on Wednesday, April 1st that permits the company to repurchase 0 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

About IG Group

IG Group Holdings plc (“IG”) is a FTSE 100 financial technology company operating at the intersection of retail trading, technology and capital markets. Through its trusted brands – IG, tastytrade, Freetrade and Independent Reserve – the Group serves over 1.3 million customers worldwide, providing leveraged trading, stock trading and investments, and cryptocurrency trading via its proprietary platforms. For more information, visit www.iggroup.com.