IG Group (LON:IGG) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• The share price of IG Group crossed above its 200-day moving average, indicating potential shifts in market momentum, as it last traded at GBX 1,132 ($15.21).
• Analysts have given the stock multiple upgrades, with Royal Bank Of Canada increasing its price target to GBX 1,275 and Deutsche Bank raising it to GBX 1,350, both maintaining a "buy" rating.
• IG Group initiated a share repurchase program on September 4th, which is often a sign that management believes the stock is undervalued.

IG Group Holdings plc (LON:IGG - Get Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 1,051.46 ($14.23) and traded as high as GBX 1,134 ($15.35). IG Group shares last traded at GBX 1,132 ($15.32), with a volume of 698,380 shares traded.

Analysts Set New Price Targets

Several analysts have weighed in on IGG shares. Berenberg Bank reiterated a "buy" rating and set a GBX 2,600 target price on shares of IG Group in a research note on Thursday, May 29th. Shore Capital reiterated a "buy" rating and set a GBX 1,200 price objective on shares of IG Group in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft lifted their target price on IG Group from GBX 1,225 to GBX 1,350 and gave the company a "buy" rating in a research note on Friday, August 8th. Canaccord Genuity Group raised their price target on IG Group from GBX 782 to GBX 1,099 and gave the stock a "buy" rating in a report on Friday, May 30th. Finally, Royal Bank Of Canada upped their price objective on IG Group from GBX 1,150 to GBX 1,275 and gave the stock an "outperform" rating in a research note on Thursday, August 14th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of GBX 1,504.80.

IG Group Stock Up 0.5%

The company has a debt-to-equity ratio of 17.04, a current ratio of 2.47 and a quick ratio of 2.40. The firm has a market capitalization of £4.01 billion, a P/E ratio of 1,095.02, a PEG ratio of -1.44 and a beta of 0.55. The firm's fifty day moving average price is GBX 1,115.34 and its 200-day moving average price is GBX 1,056.70.

IG Group (LON:IGG - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported GBX 114.10 EPS for the quarter. IG Group had a return on equity of 30.53% and a net margin of 58.42%. As a group, equities research analysts forecast that IG Group Holdings plc will post 104.0295119 earnings per share for the current year.

IG Group declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 4th that permits the company to buyback 0 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

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.