Stock Repurchase Plan Declared by Plus500 (LON:PLUS) Board

Key Points

• Plus500's board has initiated a $90 million share repurchase program, allowing the company to buy back up to 3% of its shares, indicating a belief that the stock is undervalued.
• Analyst Canaccord Genuity raised Plus500's price target from GBX 2,650 ($35.59) to GBX 2,764 ($37.13) and maintained a "hold" rating on the stock.
• Plus500 shares recently traded at GBX 3,228 ($43.36), with a market capitalization of £2.98 billion and a price-to-earnings ratio of 11.94.

Plus500 (LON:PLUS - Get Free Report) announced that its board has initiated a share repurchase program on Monday, August 11th, RTT News reports. The company plans to buyback $90.00 million in shares. This buyback authorization allows the company to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group raised their price target on Plus500 from GBX 2,650 ($35.59) to GBX 2,764 ($37.13) and gave the company a "hold" rating in a report on Wednesday, April 30th.

Plus500 Stock Performance

Shares of LON PLUS traded down GBX 196 ($2.63) during mid-day trading on Monday, reaching GBX 3,228 ($43.36). The company had a trading volume of 303,352 shares, compared to its average volume of 350,313. Plus500 has a one year low of GBX 2,304 ($30.95) and a one year high of GBX 3,492 ($46.90). The firm has a market cap of £2.98 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.24 and a beta of 0.20. The business's 50-day simple moving average is GBX 3,357.67 and its 200 day simple moving average is GBX 3,087.87.

About Plus500

Plus500 Ltd., a fintech company, operates technology-based trading platforms in Europe, the United Kingdom, Australia, and internationally. The company develops and operates an online trading platform, including over the counter (OTC) products comprising the contracts for difference (CFDs) sector enabling its international customer base of individual customers to trade CFDs on underlying financial instruments comprising shares, indices, commodities, options, ETFs, foreign exchange, and cryptocurrencies internationally.

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