Moonpig Group (LON:MOON) to Buy Back £32.50 million in Outstanding Shares

Moonpig Group (LON:MOON) announced that its board has initiated a stock buyback program on Tuesday, November 3rd, RTT News reports. The company plans to repurchase £32.50 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Moonpig Group Stock Performance

Shares of Moonpig Group stock traded up GBX 1.20 during midday trading on Tuesday, hitting GBX 287. The company had a trading volume of 462,978 shares, compared to its average volume of 4,757,837. The company has a fifty day simple moving average of GBX 276.75 and a 200 day simple moving average of GBX 240.96. The stock has a market cap of £846.97 million, a price-to-earnings ratio of 18.40 and a beta of 0.93. Moonpig Group has a 12-month low of GBX 193.40 and a 12-month high of GBX 301.40. The company has a quick ratio of 0.46, a current ratio of 0.21 and a debt-to-equity ratio of -216.13.

Analyst Ratings Changes

Separately, Berenberg Bank reissued a “buy” rating and set a GBX 300 target price on shares of Moonpig Group in a research note on Wednesday, September 16th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of GBX 289.17.

Insider Buying and Selling

In related news, insider Andy MacKinnon sold 173,645 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of GBX 272, for a total transaction of £472,314.40. Insiders own 2.76% of the company’s stock.

About Moonpig Group

Moonpig Group plc is a leading online greeting card and gifting platform, comprising the Moonpig, Buyagift and Red Letter Days brands in the UK and the Greetz brand in the Netherlands. The Group is the online market leader in cards in both of its core markets and is also the UK market leader in gift experiences. The Moonpig brand also operates in Ireland, Australia and the United States.

The Group’s leading customer proposition includes an extensive range of cards, a curated range of gifts, personalisation features and next day delivery offering.