IBEX (NASDAQ:IBEX) Shares Gap Up – Here’s Why

IBEX Limited (NASDAQ:IBEX)’s share price gapped up before the market opened on Thursday. The stock had previously closed at $52.23, but opened at $55.39. IBEX shares last traded at $54.3630, with a volume of 7,853 shares.

Analyst Upgrades and Downgrades

IBEX has been the subject of a number of analyst reports. Weiss Ratings upgraded IBEX from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 12th. Royal Bank Of Canada boosted their target price on shares of IBEX from $40.00 to $45.00 and gave the stock a “sector perform” rating in a report on Tuesday. Wall Street Zen raised shares of IBEX from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 7th. Finally, Robert W. Baird lifted their price objective on shares of IBEX from $40.00 to $44.00 and gave the stock a “neutral” rating in a research report on Monday, September 28th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $44.50.

IBEX Stock Down 0.7%

The stock has a 50-day moving average of $43.86 and a 200 day moving average of $34.72. The stock has a market cap of $732.17 million, a PE ratio of 16.66 and a beta of 0.74.

IBEX (NASDAQ:IBEX) last posted its quarterly earnings results on Thursday, November 5th. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.20. IBEX had a net margin of 7.34% and a return on equity of 29.10%. The company had revenue of $175.23 million during the quarter, compared to analyst estimates of $169.31 million.

Insider Buying and Selling at IBEX

In other IBEX news, insider Christina O’Connor sold 7,500 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $40.30, for a total value of $302,250.00. Following the completion of the sale, the insider directly owned 29,231 shares in the company, valued at $1,178,009.30. This represents a 20.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Julie Casteel sold 17,474 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $40.41, for a total transaction of $706,124.34. Following the sale, the insider owned 100,814 shares of the company’s stock, valued at $4,073,893.74. This represents a 14.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 128,686 shares of company stock worth $5,462,196. 3.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IBEX. Boston Partners raised its position in IBEX by 15.3% in the 3rd quarter. Boston Partners now owns 397,353 shares of the company’s stock valued at $17,189,000 after purchasing an additional 52,638 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of IBEX by 7.5% during the first quarter. Dimensional Fund Advisors LP now owns 358,191 shares of the company’s stock worth $9,607,000 after buying an additional 24,942 shares during the period. Tieton Capital Management LLC purchased a new stake in shares of IBEX during the second quarter worth approximately $8,353,000. Hillsdale Investment Management Inc. raised its holdings in IBEX by 2.8% in the first quarter. Hillsdale Investment Management Inc. now owns 264,200 shares of the company’s stock valued at $7,086,000 after acquiring an additional 7,300 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its holdings in IBEX by 3.4% in the third quarter. Pinnacle Associates Ltd. now owns 208,027 shares of the company’s stock valued at $8,999,000 after acquiring an additional 6,932 shares in the last quarter. Institutional investors and hedge funds own 81.24% of the company’s stock.

About IBEX

IBEX Limited is a business process outsourcing and customer experience company that helps businesses manage interactions with their customers. Its services include customer acquisition, customer care, technical support, back-office operations and digital solutions. The company serves clients across industries such as technology, telecommunications, retail, healthcare and financial services. IBEX delivers its services through a global network of contact centers and digital operations, supporting customers in multiple markets.