IG Group (LON:IGG) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

IG Group Holdings plc (LON:IGG)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 1,516.41 and traded as high as GBX 1,869. IG Group shares last traded at GBX 1,821, with a volume of 37,834,715 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IGG shares. Royal Bank Of Canada increased their price objective on IG Group from GBX 1,600 to GBX 1,850 and gave the company an “outperform” rating in a report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft upped their target price on IG Group from GBX 1,650 to GBX 1,750 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a GBX 1,250 price target on shares of IG Group in a report on Wednesday, May 20th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of GBX 1,288.

IG Group Stock Down 0.5%

The company has a market capitalization of £5.99 billion, a price-to-earnings ratio of 17.24, a P/E/G ratio of -1.44 and a beta of 0.53. The business’s 50-day moving average is GBX 1,769.87 and its 200-day moving average is GBX 1,516.41. The company has a quick ratio of 2.40, a current ratio of 215.53 and a debt-to-equity ratio of 31.16.

IG Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, April 1st that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

About IG Group

IG Group Holdings plc (“IG”) is a FTSE 100 financial technology company operating at the intersection of retail trading, technology and capital markets. Through its trusted brands – IG, tastytrade, Freetrade and Independent Reserve – the Group serves over 1.3 million customers worldwide, providing leveraged trading, stock trading and investments, and cryptocurrency trading via its proprietary platforms. For more information, visit www.iggroup.com.