IBEX (NASDAQ:IBEX) Shares Gap Up – What’s Next?

IBEX Limited (NASDAQ:IBEX)’s share price gapped up prior to trading on Thursday. The stock had previously closed at $52.23, but opened at $55.39. IBEX shares last traded at $54.3630, with a volume of 7,853 shares trading hands.

Wall Street Analysts Forecast Growth

IBEX has been the subject of a number of analyst reports. Royal Bank Of Canada increased their target price on IBEX from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Wall Street Zen raised IBEX from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 7th. Robert W. Baird increased their price objective on IBEX from $40.00 to $44.00 and gave the stock a “neutral” rating in a research report on Monday, September 28th. Finally, Weiss Ratings raised IBEX from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, October 12th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $44.50.

IBEX Trading Down 0.7%

The firm has a market cap of $732.17 million, a PE ratio of 16.66 and a beta of 0.74. The company has a 50 day moving average price of $43.86 and a 200 day moving average price of $34.72.

IBEX (NASDAQ:IBEX) last posted its earnings results on Thursday, November 5th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.20. IBEX had a return on equity of 29.10% and a net margin of 7.34%. The company had revenue of $175.23 million for the quarter, compared to analyst estimates of $169.31 million.

Insider Transactions at IBEX

In related news, insider Julie K. Casteel sold 11,677 shares of the company’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $50.72, for a total value of $592,257.44. Following the sale, the insider owned 100,594 shares of the company’s stock, valued at approximately $5,102,127.68. This represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Patrick McGinnis sold 2,500 shares of the stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $50.48, for a total value of $126,200.00. Following the sale, the director owned 4,585 shares in the company, valued at approximately $231,450.80. This trade represents a 35.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 128,686 shares of company stock worth $5,462,196 in the last 90 days. Insiders own 3.28% of the company’s stock.

Hedge Funds Weigh In On IBEX

A number of institutional investors have recently made changes to their positions in IBEX. Bullock Wealth Management Group acquired a new stake in shares of IBEX during the third quarter valued at $36,000. Signaturefd LLC raised its stake in shares of IBEX by 272.4% during the third quarter. Signaturefd LLC now owns 1,784 shares of the company’s stock valued at $77,000 after purchasing an additional 1,305 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of IBEX during the third quarter valued at approximately $85,000. D Orazio & Associates Inc. purchased a new stake in shares of IBEX during the third quarter valued at approximately $213,000. Finally, Vise Technologies Inc. acquired a new position in shares of IBEX during the third quarter worth $223,000. 81.24% of the stock is owned by institutional investors and hedge funds.

About IBEX

IBEX Limited is a business process outsourcing and customer experience company that helps businesses manage interactions with their customers. Its services include customer acquisition, customer care, technical support, back-office operations and digital solutions. The company serves clients across industries such as technology, telecommunications, retail, healthcare and financial services. IBEX delivers its services through a global network of contact centers and digital operations, supporting customers in multiple markets.