ITV (LON:ITV) Stock Price Down 0.1% – Here’s Why

ITV plc (LON:ITV)’s stock price traded down 0.1% during mid-day trading on Tuesday. The stock traded as low as GBX 66.60 and last traded at GBX 66.80. Approximately 4,559,054 shares were traded during trading, a decline of 86% from the average session volume of 33,675,508 shares. The stock had previously closed at GBX 66.90.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ITV shares. JPMorgan Chase & Co. reduced their price target on shares of ITV from GBX 85 to GBX 82 and set a “neutral” rating for the company in a research report on Friday, August 14th. Deutsche Bank reissued a “hold” rating and issued a GBX 85 price objective on shares of ITV in a research note on Monday, August 3rd. Two analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of GBX 83.50.

ITV Stock Up 1.2%

The firm has a market cap of £2.36 billion, a price-to-earnings ratio of 10.69, a P/E/G ratio of -0.53 and a beta of 0.79. The company has a current ratio of 1.18, a quick ratio of 0.83 and a debt-to-equity ratio of 52.95. The firm has a 50 day moving average price of GBX 67.16 and a 200-day moving average price of GBX 75.54.

ITV declared that its Board of Directors has initiated a stock buyback program on Friday, July 31st that authorizes the company to repurchase shares. This buyback authorization authorizes the broadcaster to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

About ITV

ITV is a producer, streamer and broadcaster, consisting of ITV Studios and Media & Entertainment (M&E). ITV Studios is a scaled global creator, owner and distributor of high-quality TV content, producing some of the most successful shows in the world. It operates in 13 countries, across 60+ labels and is diversified by genre, geography and customer in the key creative markets around the world. Media & Entertainment is the largest commercial streamer and broadcaster. Through M&E, we make brilliant British-focused content available on ITVX – our free, advertiser-funded streaming service – alongside our free-to-air linear TV channels.