Currys (LON:CURY) Shares Up 16.9% - Here's What Happened

Key Points

• Currys plc shares surged 16.9% during mid-day trading, reaching a high of GBX 135.60 ($1.82) and closing at GBX 127.39 ($1.71), with trading volume increasing by 235% compared to the average.
• Multiple brokerages have issued new price targets for Currys, with Citigroup raising their target from GBX 121 to GBX 150, while Berenberg set a target of GBX 175, indicating a strong consensus rating of "Buy."
• Currys announced a share buyback plan, indicating management believes the stock may be undervalued, while insiders have sold over 1 million shares recently.

Currys plc (LON:CURY - Get Free Report) shares shot up 16.9% during mid-day trading on Thursday . The stock traded as high as GBX 135.60 ($1.82) and last traded at GBX 127.39 ($1.71). 16,887,090 shares traded hands during mid-day trading, an increase of 235% from the average session volume of 5,036,165 shares. The stock had previously closed at GBX 109 ($1.46).

Analysts Set New Price Targets

Several brokerages have recently issued reports on CURY. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a GBX 130 price objective on shares of Currys in a research note on Friday, July 4th. Citigroup boosted their target price on Currys from GBX 121 to GBX 150 and gave the stock a "buy" rating in a research note on Tuesday, July 15th. Shore Capital restated a "no recommendation" rating on shares of Currys in a research note on Thursday, July 3rd. Finally, Berenberg Bank restated a "buy" rating and set a GBX 175 target price on shares of Currys in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Currys presently has a consensus rating of "Buy" and an average price target of GBX 151.67.

Currys Stock Performance

The company has a debt-to-equity ratio of 45.83, a current ratio of 0.86 and a quick ratio of 0.29. The stock has a 50 day simple moving average of GBX 115.11 and a two-hundred day simple moving average of GBX 109.44. The company has a market cap of £1.37 billion, a PE ratio of 1,340.93 and a beta of 1.31.

Currys (LON:CURY - Get Free Report) last issued its quarterly earnings data on Thursday, July 3rd. The company reported GBX 10 earnings per share for the quarter. Currys had a return on equity of 9.53% and a net margin of 2.38%. Equities analysts predict that Currys plc will post 9.5199569 EPS for the current year.

Currys announced that its Board of Directors has authorized a share buyback plan on Thursday, September 4th that permits the company to repurchase 0 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Bruce Marsh sold 66,775 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of GBX 111, for a total value of £74,120.25. Also, insider Alex Baldock sold 136,128 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of GBX 113, for a total value of £153,824.64. In the last quarter, insiders sold 1,246,707 shares of company stock valued at $142,888,120. 14.22% of the stock is owned by company insiders.

Currys Company Profile

Currys plc is a leading omnichannel retailer of technology products and services, operating online and through over 800 stores in 8 countries. We Help Everyone Enjoy Amazing Technology, however they choose to shop with us. In the UK & Ireland we trade as Currys; in the Nordics under the Elkjøp brand and as Kotsovolos in Greece.

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