IWG (LON:IWG) Shares Climb 1.3% – Here’s Why

Shares of IWG plc (LON:IWG) rose 1.3% during mid-day trading on Friday. The company traded as high as GBX 186.90 and last traded at GBX 185.35. Approximately 4,191,326 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 9,950,249 shares. The stock had previously closed at GBX 183.

Wall Street Analyst Weigh In

Several analysts have commented on IWG shares. Royal Bank Of Canada restated an “outperform” rating and issued a GBX 260 price objective on shares of IWG in a report on Wednesday, August 12th. Jefferies Financial Group reiterated a “buy” rating and set a GBX 265 target price on shares of IWG in a report on Wednesday, August 12th. Finally, Berenberg Bank restated a “buy” rating and issued a GBX 350 target price on shares of IWG in a research note on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, IWG currently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 269.80.

IWG Trading Up 1.3%

The stock has a market cap of £1.74 billion, a P/E ratio of 205.94, a PEG ratio of -5.59 and a beta of 1.56. The company has a current ratio of 0.43, a quick ratio of 0.45 and a debt-to-equity ratio of -1,917.40. The stock’s fifty day moving average price is GBX 179.68 and its 200 day moving average price is GBX 184.98.

IWG announced that its board has authorized a share buyback program on Tuesday, June 30th that allows the company to buy back $50.00 million in shares. This repurchase authorization allows the company to purchase up to 2.8% of its stock through open market purchases. Share repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other IWG news, insider Christian Schmitz purchased 50,000 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was bought at an average cost of GBX 183 per share, with a total value of £91,500. In the last three months, insiders have bought 125,000 shares of company stock valued at $22,050,000. 26.19% of the stock is owned by company insiders.

About IWG

IWG plc, together with its subsidiaries, provides workspace solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers office, coworking and collaboration, flexible and scalable, meeting, and lounges spaces; workplace recovery; memberships workspaces; and reception services and conference products. It provides its services franchise partners, landlords, and property owners under the Regus, Spaces, HQ, Signature, Basepoint, Stop & Work, The Office Operators, BizDojo, Open Office, No18, The Clubhouse, Central Working, and Copernico brands.