IBEX (NASDAQ:IBEX) Reaches New 52-Week High – Here’s Why

IBEX Limited (NASDAQ:IBEX) hit a new 52-week high during mid-day trading on Friday. The company traded as high as $55.92 and last traded at $55.91, with a volume of 14,759 shares traded. The stock had previously closed at $54.87.

Analyst Ratings Changes

Several brokerages have recently commented on IBEX. Robert W. Baird raised their price objective on shares of IBEX from $40.00 to $44.00 and gave the company a “neutral” rating in a research report on Monday, September 28th. Weiss Ratings upgraded shares of IBEX from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 12th. Royal Bank Of Canada upped their target price on shares of IBEX from $40.00 to $45.00 and gave the stock a “sector perform” rating in a report on Tuesday. Finally, Wall Street Zen upgraded IBEX from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 7th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, IBEX has a consensus rating of “Hold” and a consensus target price of $44.50.

IBEX Price Performance

The stock has a market cap of $762.72 million, a P/E ratio of 17.31 and a beta of 0.74. The stock’s 50-day moving average is $44.18 and its two-hundred day moving average is $34.80.

IBEX (NASDAQ:IBEX) last announced its quarterly earnings results on Thursday, November 5th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.20. The company had revenue of $175.23 million for the quarter, compared to the consensus estimate of $169.31 million. IBEX had a net margin of 7.34% and a return on equity of 29.10%.

Insider Transactions at IBEX

In related news, insider Paul Inson sold 6,994 shares of the stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $50.73, for a total transaction of $354,805.62. Following the completion of the transaction, the insider directly owned 26,550 shares of the company’s stock, valued at approximately $1,346,881.50. This represents a 20.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Patrick McGinnis sold 2,500 shares of the stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $50.48, for a total value of $126,200.00. Following the transaction, the director directly owned 4,585 shares of the company’s stock, valued at approximately $231,450.80. The trade was a 35.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 128,686 shares of company stock valued at $5,462,196. 3.28% of the stock is owned by insiders.

Institutional Trading of IBEX

Several hedge funds have recently modified their holdings of IBEX. Ieq Capital LLC boosted its position in shares of IBEX by 11.8% during the 3rd quarter. Ieq Capital LLC now owns 14,638 shares of the company’s stock valued at $633,000 after acquiring an additional 1,545 shares during the last quarter. Boston Partners grew its holdings in shares of IBEX by 15.3% in the third quarter. Boston Partners now owns 397,353 shares of the company’s stock valued at $17,189,000 after purchasing an additional 52,638 shares in the last quarter. Virtus Advisers LLC increased its position in IBEX by 18.9% in the third quarter. Virtus Advisers LLC now owns 22,920 shares of the company’s stock worth $992,000 after purchasing an additional 3,645 shares during the last quarter. Russell Investments Group Ltd. increased its position in IBEX by 370.5% in the third quarter. Russell Investments Group Ltd. now owns 14,361 shares of the company’s stock worth $623,000 after purchasing an additional 11,309 shares during the last quarter. Finally, Ritholtz Wealth Management increased its position in IBEX by 10.0% in the third quarter. Ritholtz Wealth Management now owns 60,230 shares of the company’s stock worth $2,606,000 after purchasing an additional 5,480 shares during the last quarter. 81.24% of the stock is owned by hedge funds and other institutional investors.

IBEX Company Profile

IBEX Limited is a business process outsourcing and customer experience company that helps businesses manage interactions with their customers. Its services include customer acquisition, customer care, technical support, back-office operations and digital solutions. The company serves clients across industries such as technology, telecommunications, retail, healthcare and financial services. IBEX delivers its services through a global network of contact centers and digital operations, supporting customers in multiple markets.