IBEX (NASDAQ:IBEX) Reaches New 1-Year 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 - ) hit a new 52-week high 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. The stock had previously closed at $30.46.

Insiders Place Their Bets

In related news, Director Mohammedulla Khaishgi sold 5,000 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $28.01, for a total value of $140,050.00. Following the transaction, the director directly owned 2,312 shares in the company, valued at approximately $64,759.12. This represents a 68.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert Thomas Dechant sold 4,376 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $30.00, for a total transaction of $131,280.00. Following the completion of the transaction, the chief executive officer owned 193,633 shares in the company, valued at $5,808,990. This trade represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,000 shares of company stock valued at $590,050. 6.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IBEX

Hedge funds have recently made changes to their positions in the stock. US Bancorp DE bought a new position in IBEX in the 1st quarter valued at approximately $41,000. Deutsche Bank AG bought a new position in IBEX during the 4th quarter worth approximately $46,000. CWM LLC raised its holdings in IBEX by 392.7% during the 1st quarter. CWM LLC now owns 2,853 shares of the company's stock worth $69,000 after purchasing an additional 2,274 shares during the last quarter. Amundi bought a new position in IBEX during the 1st quarter worth approximately $74,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in IBEX by 8.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,466 shares of the company's stock worth $159,000 after purchasing an additional 434 shares during the last quarter. 81.24% of the stock is currently owned by institutional investors and hedge funds.

IBEX Trading Up 32.8%

The firm's fifty day simple moving average is $29.46 and its 200-day simple moving average is $27.39. The stock has a market cap of $540.79 million, a P/E ratio of 17.81 and a beta of 0.77. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.67 and a current ratio of 1.67.

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.

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