Deutsche Bank Aktiengesellschaft has officially begun coverage of IG Group (LON:IGG), assigning a buy rating and setting a target price of GBX 1,300 per share. This announcement was made in a report published on October 16, 2023, and is part of a wave of recent positive assessments from various analysts regarding the company’s stock.
Peel Hunt also reaffirmed its buy rating for IG Group, placing a price objective of GBX 340. This follows Royal Bank of Canada, which increased its price target from GBX 1,150 to GBX 1,275, while maintaining an outperform rating in a note dated August 14, 2023. Furthermore, Shore Capital and Jefferies Financial Group both reiterated their buy ratings, with target prices of GBX 1,250 in their respective reports from September 25 and September 26.
The consensus among analysts is notably optimistic, as seven analysts have rated IG Group with a Buy rating. Market data indicates a consensus price target of GBX 1,302, reflecting a strong confidence in the company’s future performance.
Company Activity and Insider Investments
In addition to the analyst coverage, IG Group has recently announced a share repurchase plan approved by its Board of Directors on September 4, 2023. This plan allows the company to buy back shares through open market purchases, signaling a belief among board members that the stock may be undervalued.
Insider trading activity has also been notable. On October 6, 2023, insider Wu Gang acquired 5,576 shares of IG Group at an average price of GBX 1,071, totaling approximately £59,718.96. Another insider, Breon Corcoran, purchased 61,499 shares on October 1, 2023, at an average price of GBX 1,075, amounting to a transaction of £661,114.25. Over the past three months, insiders have collectively acquired 85,576 shares valued at around £91,889,391, with insiders holding 1.14% of the total stock.
About IG Group
IG Group (LSEG:IGG) is a global fintech leader that offers innovative online trading platforms and a comprehensive educational ecosystem aimed at facilitating financial freedom for its users. With nearly five decades of experience, the company has continuously advanced its technology, risk management practices, and financial products to cater to both retail and institutional clients.
As IG Group navigates the financial landscape, its recent analyst ratings and insider investments suggest a robust confidence in its strategic direction and market position. Investors and market watchers will be keen to observe how these developments impact the company’s performance in the coming months.
