IG Group (LON:IGG) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of IG Group Holdings plc (LON:IGG) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 1,096.39 and traded as high as GBX 1,125. IG Group shares last traded at GBX 1,122, with a volume of 585,067 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on IGG shares. Deutsche Bank Aktiengesellschaft boosted their price objective on IG Group from GBX 1,225 to GBX 1,350 and gave the company a “buy” rating in a report on Friday, August 8th. Royal Bank Of Canada boosted their price objective on IG Group from GBX 1,150 to GBX 1,275 and gave the company an “outperform” rating in a report on Thursday, August 14th. Shore Capital reiterated a “buy” rating and issued a GBX 1,250 price objective on shares of IG Group in a report on Thursday, September 25th. Peel Hunt reiterated a “buy” rating and issued a GBX 340 price objective on shares of IG Group in a report on Thursday, October 16th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a GBX 1,250 price objective on shares of IG Group in a report on Friday, September 26th. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of GBX 1,309.14.

IG Group Trading Up 0.1%

The company has a 50-day moving average price of GBX 1,100.32 and a 200-day moving average price of GBX 1,096.39. The firm has a market capitalization of £3.86 billion, a price-to-earnings ratio of 10.69, a PEG ratio of -1.44 and a beta of 0.55. The company has a debt-to-equity ratio of 17.04, a quick ratio of 2.40 and a current ratio of 2.47.

IG Group declared that its board has initiated a stock buyback program on Thursday, September 4th that allows the company to buyback 0 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at IG Group

In other IG Group news, insider Breon Corcoran acquired 61,499 shares of the stock in a transaction dated Wednesday, October 1st. The stock was acquired at an average cost of GBX 1,075 per share, with a total value of £661,114.25. Also, insider Clifford Abrahams bought 5,000 shares of IG Group stock in a transaction dated Tuesday, September 30th. The stock was purchased at an average cost of GBX 1,072 per share, with a total value of £53,600. In the last ninety days, insiders acquired 85,576 shares of company stock valued at $91,889,391. 1.14% of the stock is currently owned by corporate insiders.

IG Group Company Profile

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.