Plus500 (LON:PLUS) to Repurchase $90.00 million in Stock

Plus500 (LON:PLUS) declared that its board has authorized a stock buyback plan on Monday, August 18th, RTT News reports. The company plans to buyback $90.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Plus500 Price Performance

Shares of LON PLUS opened at GBX 3,128 on Thursday. The stock’s fifty day moving average price is GBX 3,314.17 and its two-hundred day moving average price is GBX 3,099.85. Plus500 has a one year low of GBX 2,304 and a one year high of GBX 3,492. The firm has a market cap of £2.88 billion, a price-to-earnings ratio of 11.57, a P/E/G ratio of 0.24 and a beta of 0.20.

Wall Street Analyst Weigh In

PLUS has been the topic of several research reports. Liberum Capital boosted their target price on Plus500 from GBX 3,650 to GBX 3,750 and gave the company a “buy” rating in a research note on Monday, August 11th. Canaccord Genuity Group lifted their price objective on shares of Plus500 from GBX 2,650 to GBX 2,764 and gave the company a “hold” rating in a report on Wednesday, April 30th. Finally, Peel Hunt reiterated a “buy” rating and issued a GBX 3,400 price objective on shares of Plus500 in a report on Monday, August 11th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of GBX 3,304.67.

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.