IG Group (LON:IGG) Shares Up 7.8% – Time to Buy?

IG Group Holdings plc (LON:IGG)’s share price shot up 7.8% on Tuesday . The stock traded as high as GBX 1,266 and last traded at GBX 1,257.27. 34,106,340 shares changed hands during mid-day trading, an increase of 1,275% from the average session volume of 2,479,663 shares. The stock had previously closed at GBX 1,166.

Analyst Upgrades and Downgrades

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

IG Group Stock Up 7.8%

The business’s 50 day simple moving average is GBX 1,104.99 and its 200-day simple moving average is GBX 1,101.32. The company has a debt-to-equity ratio of 17.04, a quick ratio of 2.40 and a current ratio of 2.47. The company has a market cap of £4.29 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of -1.44 and a beta of 0.55.

IG Group declared that its Board of Directors has approved a share repurchase plan on Thursday, September 4th that permits the company to repurchase 0 outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Wu Gang purchased 5,576 shares of the business’s stock in a transaction dated Monday, October 6th. The stock was bought at an average cost of GBX 1,071 per share, with a total value of £59,718.96. Also, insider Breon Corcoran purchased 61,499 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was purchased at an average cost of GBX 1,075 per share, with a total value of £661,114.25. Insiders have bought a total of 85,576 shares of company stock valued at $91,889,391 in the last three months. Insiders own 1.14% of the company’s stock.

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.