IBEX (NASDAQ:IBEX) Hits New 52-Week High After Better-Than-Expected Earnings

Key Points

• IBEX shares hit a 52-week high of $48.39 after quarterly results exceeded expectations, rising from the prior close of $43.00.
• The company reported EPS of $1.10 versus $0.90 expected and revenue of $175.23 million versus $169.31 million expected.
• Analysts maintain a consensus Hold rating and a $42 average price target; insiders have sold 97,465 shares worth about $3.88 million over the past 90 days.

IBEX Limited (NASDAQ:IBEX - Get Free Report) shares reached a new 52-week high during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $48.39 and last traded at $48.1190, with a volume of 121,996 shares changing hands. The stock had previously closed at $43.00.

The company reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.20. The business had revenue of $175.23 million for the quarter, compared to analysts' expectations of $169.31 million. IBEX had a net margin of 7.19% and a return on equity of 28.96%.

Analysts Set New Price Targets

A number of brokerages recently commented on IBEX. Weiss Ratings upgraded shares of IBEX from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, October 12th. Wall Street Zen lowered shares of IBEX from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 12th. Finally, Robert W. Baird raised their price objective on IBEX from $40.00 to $44.00 and gave the company a "neutral" rating in a research note on Monday, September 28th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, IBEX presently has a consensus rating of "Hold" and a consensus price target of $42.00.

Insiders Place Their Bets

In other IBEX news, COO David Afdahl sold 17,500 shares of the business's stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $37.09, for a total value of $649,075.00. Following the completion of the sale, the chief operating officer owned 140,006 shares in the company, valued at approximately $5,192,822.54. The trade was a 11.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mingzhe Zhuang sold 5,522 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $40.10, for a total value of $221,432.20. Following the sale, the director directly owned 2,813 shares of the company's stock, valued at approximately $112,801.30. This trade represents a 66.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 97,465 shares of company stock worth $3,882,291. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IBEX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in IBEX by 7.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 358,191 shares of the company's stock valued at $9,607,000 after purchasing an additional 24,942 shares during the period. Tieton Capital Management LLC purchased a new stake in IBEX in the 2nd quarter worth approximately $8,353,000. Hillsdale Investment Management Inc. lifted its holdings in IBEX by 2.8% in the 1st quarter. Hillsdale Investment Management Inc. now owns 264,200 shares of the company's stock worth $7,086,000 after buying an additional 7,300 shares during the period. Pinnacle Associates Ltd. lifted its holdings in IBEX by 3.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 208,027 shares of the company's stock worth $8,999,000 after buying an additional 6,932 shares during the period. Finally, Globeflex Capital L P bought a new stake in shares of IBEX in the 2nd quarter worth approximately $3,112,000. 81.24% of the stock is currently owned by institutional investors.

IBEX Stock Performance

The stock has a market capitalization of $646.92 million, a P/E ratio of 15.49 and a beta of 0.74. The stock has a 50-day moving average price of $42.76 and a two-hundred day moving average price of $34.44.

IBEX Company Profile

IBEX Limited NASDAQ: IBEX is a business process outsourcing and customer experience technology company. It provides customer service, technical support, sales, back-office processing and other digital services for businesses across industries, including communications, healthcare, retail, logistics and financial services.

The company combines customer contact centers, digital engagement channels, analytics and artificial intelligence-enabled tools to help clients manage customer interactions and improve operational efficiency.

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