IBEX Limited (NASDAQ:IBEX) Shares Shorted: Short Interest Down 50.2% in September

IBEX Limited (NASDAQ:IBEX) saw a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 187,730 shares, a decline of 50.2% from the September 15th total of 377,282 shares. Based on an average trading volume of 157,714 shares, the days-to-cover ratio is currently 1.2 days. Approximately 1.5% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on IBEX shares. Weiss Ratings raised shares of IBEX from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Robert W. Baird lifted their price target on shares of IBEX from $40.00 to $44.00 and gave the stock a “neutral” rating in a research note on Monday, September 28th. Finally, Wall Street Zen downgraded shares of IBEX from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 12th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $42.00.

IBEX Price Performance

Shares of NASDAQ:IBEX traded up $1.16 on Thursday, hitting $45.91. 74,358 shares of the company’s stock were exchanged, compared to its average volume of 123,827. IBEX has a 12 month low of $25.94 and a 12 month high of $46.21. The stock has a market capitalization of $609.64 million, a price-to-earnings ratio of 14.67 and a beta of 0.69. The business’s 50 day simple moving average is $39.83 and its two-hundred day simple moving average is $34.10.

IBEX (NASDAQ:IBEX) last posted its quarterly earnings results on Friday, September 11th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01. IBEX had a net margin of 7.19% and a return on equity of 28.96%. The firm had revenue of $164.27 million for the quarter, compared to analysts’ expectations of $160.02 million.

Insider Buying and Selling at IBEX

In other IBEX news, CEO Robert Dechant sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $45.02, for a total transaction of $225,100.00. Following the sale, the chief executive officer directly owned 257,011 shares in the company, valued at $11,570,635.22. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Christina O’Connor sold 2,376 shares of IBEX stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $39.34, for a total value of $93,471.84. Following the completion of the transaction, the insider owned 26,855 shares of the company’s stock, valued at approximately $1,056,475.70. This trade represents a 8.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 97,465 shares of company stock valued at $3,882,291. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On IBEX

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC boosted its holdings in IBEX by 55.2% in the first quarter. Lazard Asset Management LLC now owns 89,150 shares of the company’s stock worth $2,391,000 after acquiring an additional 31,697 shares in the last quarter. Globeflex Capital L P purchased a new stake in shares of IBEX during the second quarter worth about $3,112,000. Tieton Capital Management LLC purchased a new stake in shares of IBEX during the second quarter worth about $8,353,000. Y Intercept Hong Kong Ltd increased its holdings in shares of IBEX by 121.8% during the first quarter. Y Intercept Hong Kong Ltd now owns 95,665 shares of the company’s stock valued at $2,566,000 after acquiring an additional 52,526 shares in the last quarter. Finally, Watershed Asset Management L.L.C. acquired a new position in shares of IBEX during the first quarter valued at about $453,000. 81.24% of the stock is owned by hedge funds and other institutional investors.

IBEX Company Profile

IBEX Limited is a provider of business process outsourcing and customer experience solutions. The company helps brands manage customer interactions across voice, chat, email, social media and other digital channels, combining contact-center operations with technology, analytics and automation.

Its services include customer care, technical support, sales, revenue generation, back-office processing and trust and safety programs. IBEX also offers digital transformation and artificial intelligence-enabled tools intended to improve customer engagement, agent productivity and operational performance.

IBEX serves clients in industries such as communications, health care, retail, logistics, financial services and technology.