Rightmove (LON:RMV) to Repurchase 0 Stock

Rightmove (LON:RMV) announced that its board has authorized a stock buyback plan on Friday, July 31st, RTT News reports. The company plans to buyback 0 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Rightmove Trading Up 1.7%

Shares of Rightmove stock opened at GBX 464.60 on Monday. The stock has a market cap of £3.46 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 2.58 and a beta of 0.90. The firm has a fifty day moving average price of GBX 439.74 and a 200 day moving average price of GBX 443.76. Rightmove has a 1 year low of GBX 391.40 and a 1 year high of GBX 827. The company has a debt-to-equity ratio of 7.35, a current ratio of 1.53 and a quick ratio of 2.55.

Rightmove (LON:RMV) last posted its quarterly earnings results on Friday, July 31st. The company reported GBX 15.60 EPS for the quarter. Rightmove had a net margin of 49.72% and a return on equity of 281.32%. Equities research analysts predict that Rightmove will post 30.2327791 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RMV. Citigroup cut their price objective on Rightmove from GBX 520 to GBX 455 and set a “neutral” rating on the stock in a report on Thursday, April 9th. UBS Group reaffirmed a “neutral” rating and set a GBX 481 target price on shares of Rightmove in a report on Tuesday, May 5th. Jefferies Financial Group reiterated an “underperform” rating and issued a GBX 465 target price on shares of Rightmove in a research report on Friday. Finally, JPMorgan Chase & Co. cut their price target on shares of Rightmove from GBX 489 to GBX 404 and set an “underweight” rating on the stock in a report on Tuesday, June 16th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Rightmove presently has a consensus rating of “Hold” and an average target price of GBX 607.14.

Insider Transactions at Rightmove

In related news, insider Lorna Tilbian bought 3,600 shares of the stock in a transaction dated Friday, May 22nd. The shares were purchased at an average price of GBX 403 per share, for a total transaction of £14,508. Also, insider Amanda James bought 6,016 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were bought at an average cost of GBX 413 per share, for a total transaction of £24,846.08. Company insiders own 0.37% of the company’s stock.

Key Stories Impacting Rightmove

Here are the key news stories impacting Rightmove this week:

• Positive Sentiment: Rightmove reported quarterly earnings per share of GBX 15.60, alongside a 51.06% net margin and 264.68% return on equity. The results highlight the company’s strong profitability, although the release did not provide enough detail to assess performance against expectations. Rightmove earnings report
• Positive Sentiment: Rightmove’s shares moved above their 200-day moving average, a technical signal that can attract momentum-oriented investors and suggest improving market sentiment. Rightmove share price passes above 200-day moving average
• Neutral Sentiment: The company announced authorization for a share repurchase program, but the stated plan is to repurchase zero outstanding shares. As a result, it does not currently represent a meaningful return of capital or source of buying support. Rightmove share repurchase announcement
• Negative Sentiment: Rightmove cut its annual revenue-growth forecast, citing weaker new-home construction activity. The revision raises concerns about near-term listing growth and the pace of expansion in the company’s core property-market business. Rightmove cuts annual revenue growth forecast
• Negative Sentiment: Jefferies reaffirmed its “underperform” rating and set a GBX 465 price target, indicating limited upside from recently observed trading levels and reinforcing concerns about valuation and growth prospects. Jefferies Rightmove rating

About Rightmove

Rightmove plc, together with its subsidiaries, operates online digital property advertising and information portals in the United Kingdom and internationally. The company operates through Agency, New Homes, and Other segments. The Agency segment provides property resale and letting advertising services on its platforms. The segment also offers tenant references and rent guarantee insurance services to landlords. The New Homes segment provides property advertising services to new home developers and housing associations on its platforms.