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

IG Group Holdings plc (LON:IGG) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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.

Analysts Set New Price Targets

Several brokerages have recently commented on IGG. Jefferies Financial Group reiterated a “buy” rating and set a GBX 1,250 price objective on shares of IG Group in a report on Wednesday, May 20th. Royal Bank Of Canada boosted their target price on IG Group from GBX 1,600 to GBX 1,850 and gave the stock an “outperform” rating in a research note on Wednesday, May 20th. Finally, 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. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, IG Group presently has an average rating of “Buy” and a consensus price target of GBX 1,288.

IG Group Stock Performance

The company has a market cap of £5.99 billion, a PE ratio of 17.24, a P/E/G ratio of -1.44 and a beta of 0.53. The company has a current ratio of 215.53, a quick ratio of 2.40 and a debt-to-equity ratio of 31.16. The firm’s 50-day simple moving average is GBX 1,769.87 and its two-hundred day simple moving average is GBX 1,516.41.

IG Group announced that its board has approved a stock buyback program on Wednesday, April 1st that authorizes the company to buyback 0 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

IG Group Company Profile

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.