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

IBEX Limited (NASDAQ:IBEX)’s stock price reached a new 52-week high 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 earnings per share for the quarter, beating the consensus estimate 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%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Robert W. Baird lifted their target price on shares of IBEX from $40.00 to $44.00 and gave the company a “neutral” rating in a research note on Monday, September 28th. Wall Street Zen downgraded shares of IBEX from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 12th. Finally, Weiss Ratings upgraded shares of IBEX from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, October 12th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $42.00.

Insider Activity at IBEX

In other IBEX news, CEO Robert Dechant sold 5,000 shares of the firm’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of $45.02, for a total transaction of $225,100.00. Following the completion of the transaction, the chief executive officer owned 257,011 shares of the company’s stock, valued at approximately $11,570,635.22. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Christina O’Connor sold 2,376 shares of the firm’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $39.34, for a total value of $93,471.84. Following the transaction, the insider directly owned 26,855 shares of the company’s stock, valued at $1,056,475.70. This represents a 8.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 97,465 shares of company stock valued at $3,882,291 over the last ninety days. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IBEX. Tieton Capital Management LLC purchased a new position in IBEX during the 2nd quarter valued at about $8,353,000. Globeflex Capital L P bought a new stake in IBEX during the second quarter worth about $3,112,000. Lazard Asset Management LLC boosted its stake in IBEX by 55.2% during the first quarter. Lazard Asset Management LLC now owns 89,150 shares of the company’s stock worth $2,391,000 after acquiring an additional 31,697 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in IBEX by 7.5% in the first quarter. Dimensional Fund Advisors LP now owns 358,191 shares of the company’s stock worth $9,607,000 after purchasing an additional 24,942 shares during the period. Finally, Watershed Asset Management L.L.C. purchased a new position in shares of IBEX during the first quarter valued at approximately $453,000. 81.24% of the stock is currently owned by institutional investors.

IBEX Stock Up 12.7%

The company’s fifty day moving average price is $42.76 and its 200-day moving average price is $34.44. The stock has a market capitalization of $646.92 million, a PE ratio of 15.49 and a beta of 0.74.

About IBEX

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.