Plus500 (LON:PLUS) Board Authorizes Stock Repurchase Program

Plus500 (LON:PLUS) announced that its Board of Directors has authorized a share repurchase program on Monday, August 11th, RTT News reports. The company plans to repurchase $90.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Plus500 Trading Down 5.7%

Shares of LON:PLUS opened at GBX 3,228 ($43.36) on Tuesday. The company has a 50 day moving average of GBX 3,357.67 and a 200-day moving average of GBX 3,087.87. The firm has a market cap of £2.98 billion, a P/E ratio of 11.94, a P/E/G ratio of 0.24 and a beta of 0.20. Plus500 has a twelve month low of GBX 2,304 ($30.95) and a twelve month high of GBX 3,492 ($46.90).

Analyst Ratings Changes

Separately, Canaccord Genuity Group upped their price target on shares of Plus500 from GBX 2,650 ($35.59) to GBX 2,764 ($37.13) and gave the stock a “hold” rating in a research note on Wednesday, April 30th.

Plus500 Company Profile

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.