IBEX (NASDAQ:IBEX) Reaches New 52-Week High After Analyst Upgrade

Key Points

• IBEX Limited (NASDAQ:IBEX) reached a new 52-week high at $40.93 following an upgrade from Royal Bank of Canada, which raised its price target from $31.00 to $39.00.
• Recent insider activity includes Director Mohammedulla Khaishgi and CEO Robert Thomas Dechant selling shares valued at approximately $140,050 and $131,280, respectively, leading to a significant decrease in their ownership stakes.
• Institutional investors now hold 81.24% of IBEX's stock, with various hedge funds increasing their positions in the company during recent quarters.

IBEX Limited (NASDAQ:IBEX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday after Royal Bank Of Canada raised their price target on the stock from $31.00 to $39.00. Royal Bank Of Canada currently has a sector perform rating on the stock. IBEX traded as high as $37.02 and last traded at $40.93, with a volume of 35318 shares traded. The stock had previously closed at $30.46.

Insider Transactions at IBEX

In other IBEX news, CEO Robert Thomas Dechant sold 1,634 shares of the stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $29.13, for a total transaction of $47,598.42. Following the completion of the sale, the chief executive officer directly owned 191,999 shares in the company, valued at approximately $5,592,930.87. This trade represents a 0.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Joseph Inson sold 3,831 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $38.94, for a total value of $149,179.14. Following the sale, the insider owned 3,266 shares of the company's stock, valued at approximately $127,178.04. The trade was a 53.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,572 shares of company stock valued at $708,154. Company insiders own 6.72% of the company's stock.

Hedge Funds Weigh In On IBEX

A number of hedge funds have recently added to or reduced their stakes in IBEX. Jacobs Levy Equity Management Inc. lifted its position in shares of IBEX by 73.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 116,395 shares of the company's stock worth $2,834,000 after buying an additional 49,167 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in shares of IBEX in the 1st quarter worth approximately $217,000. Allspring Global Investments Holdings LLC grew its stake in IBEX by 19.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 40,856 shares of the company's stock valued at $995,000 after buying an additional 6,526 shares in the last quarter. D. E. Shaw & Co. Inc. grew its position in shares of IBEX by 4.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 63,832 shares of the company's stock valued at $1,372,000 after purchasing an additional 2,542 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its position in shares of IBEX by 132.5% during the 1st quarter. Cubist Systematic Strategies LLC now owns 91,059 shares of the company's stock valued at $2,217,000 after purchasing an additional 51,886 shares in the last quarter. Institutional investors and hedge funds own 81.24% of the company's stock.

IBEX Price Performance

The firm's 50-day moving average is $30.02 and its 200-day moving average is $27.70. The company has a market capitalization of $536.06 million, a PE ratio of 16.94 and a beta of 0.77. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.01.

IBEX Company Profile

IBEX Limited provides end-to-end technology-enabled customer lifecycle experience solutions in the United States and internationally. The company products and services portfolio includes ibex Connect, that offers customer service, technical support, revenue generation, and other revenue generation outsourced back-office services through the CX model, which integrates voice, email, chat, SMS, social media, and other communication applications; ibex Digital, a customer acquisition solution that comprises digital marketing, e-commerce technology, and platform solutions; and ibex CX, a customer experience solution, which provides a suite of proprietary software tools to measure, monitor, and manage its clients' customer experience.