IG Group (LON:IGG) Trading Up 7.8% – What’s Next?

IG Group Holdings plc (LON:IGG)’s share price traded up 7.8% on Tuesday . The company traded as high as GBX 1,266 and last traded at GBX 1,257.27. 34,106,340 shares were traded 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.

Wall Street Analysts Forecast Growth

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

IG Group Trading Up 7.8%

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’s 50 day moving average is GBX 1,104.99 and its 200 day moving average is GBX 1,101.32. The stock has a market capitalization of £4.29 billion, a price-to-earnings ratio of 11.96, a PEG ratio of -1.44 and a beta of 0.55.

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

Insider Activity at IG Group

In related news, insider Breon Corcoran bought 61,499 shares of IG Group stock in a transaction that occurred on Wednesday, October 1st. The stock was acquired at an average price of GBX 1,075 per share, for a total transaction of £661,114.25. Also, insider Clifford Abrahams bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 30th. The shares were purchased at an average cost of GBX 1,072 per share, for a total transaction of £53,600. Over the last 90 days, insiders purchased 85,576 shares of company stock worth $91,889,391. Company 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.