Plus500 (LON:PLUS) to Repurchase $100.00 million in Shares

Plus500 (LON:PLUS) declared that its Board of Directors has authorized a stock repurchase plan on Monday, February 16th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Plus500 Stock Down 0.2%

Shares of LON PLUS opened at GBX 4,460 on Thursday. The firm has a 50-day simple moving average of GBX 3,989.93 and a 200-day simple moving average of GBX 3,448.46. The stock has a market capitalization of £3.13 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 0.24 and a beta of 0.20. Plus500 has a 52 week low of GBX 2,464 and a 52 week high of GBX 4,974.

Analysts Set New Price Targets

Separately, Liberum Capital reissued a “buy” rating and issued a GBX 3,750 price objective on shares of Plus500 in a research note on Tuesday, November 18th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of GBX 3,304.67.

Insider Transactions at Plus500

In other news, insider David Zruia sold 450,792 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of GBX 4,478, for a total transaction of £20,186,465.76. Also, insider Elad Even-Chen sold 940,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of GBX 4,478, for a total value of £42,093,200. 51.40% of the stock is currently owned by corporate insiders.

About Plus500

Plus500 Ltd., a fintech company, operates technology-based trading platforms in Europe, the United Kingdom, Australia, and internationally. The company develops and operates an online trading platform, including over the counter (OTC) products comprising the contracts for difference (CFDs) sector enabling its international customer base of individual customers to trade CFDs on underlying financial instruments comprising shares, indices, commodities, options, ETFs, foreign exchange, and cryptocurrencies internationally.