Stock Buyback Program Initiated by QinetiQ Group (LON:QQ)

QinetiQ Group (LON:QQ) announced that its board has initiated a share buyback plan on Wednesday, March 25th, RTT News reports. The company plans to repurchase 0 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

QinetiQ Group Price Performance

Shares of QinetiQ Group stock traded down GBX 9 during midday trading on Wednesday, hitting GBX 467.40. The company had a trading volume of 911,487 shares, compared to its average volume of 88,555. QinetiQ Group has a 1-year low of GBX 292.20 and a 1-year high of GBX 491. The business’s 50 day simple moving average is GBX 502.63 and its two-hundred day simple moving average is GBX 480.85. The stock has a market cap of £2.58 billion, a PE ratio of 19.35, a P/E/G ratio of 1.47 and a beta of 0.27.

Analyst Ratings Changes

A number of equities research analysts have issued reports on QQ shares. Berenberg Bank restated a “buy” rating and set a GBX 550 price target on shares of QinetiQ Group in a report on Tuesday, January 20th. Deutsche Bank Aktiengesellschaft lifted their price objective on QinetiQ Group from GBX 585 to GBX 635 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of GBX 578.33.

QinetiQ Group Company Profile

QinetiQ Group plc operates as a science and engineering company in the defense, security, and infrastructure markets in the United Kingdom, the United States, Australia, and internationally. The company operates through EMEA Services and Global Solutions segments. It offers advanced materials and manufacturing products; artificial intelligence, analytics, and advanced computing technologies; cyber and electromagnetic technologies; human protection and performance systems; novel systems, and weapons and effects; platform, and system design and assessment products; power sources, and energy storage and distribution products; robotics and autonomy services; secure communications and navigation systems; and sensing, processing, and data fusion systems.