Ebix Inc. (EBIX) Sees Unusually-High Trading Volume
Ebix Inc. (NASDAQ:EBIX) shares saw strong trading volume on Tuesday . 384,569 shares changed hands during mid-day trading, an increase of 43% from the previous session’s volume of 268,516 shares.The stock last traded at $53.75 and had previously closed at $52.12.
Several research analysts recently commented on the company. Zacks Investment Research downgraded Ebix from a “buy” rating to a “hold” rating in a research note on Monday. Tigress Financial raised Ebix from an “underperform” rating to a “neutral” rating in a research note on Thursday, May 19th.
The stock has a 50 day moving average price of $47.76 and a 200 day moving average price of $40.92. The company has a market capitalization of $1.77 billion and a price-to-earnings ratio of 22.13. Shares of Ebix are scheduled to split before the market opens on Monday, August 1st. The 3-1 split was announced on Monday, May 23rd. The newly created shares will be payable to shareholders after the market closes on Friday, July 29th.
Ebix (NASDAQ:EBIX) last announced its earnings results on Monday, May 9th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.09. During the same quarter last year, the business posted $0.51 earnings per share. The company earned $71.10 million during the quarter, compared to analysts’ expectations of $69.35 million. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, analysts anticipate that Ebix Inc. will post $2.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Tuesday, May 31st were paid a $0.075 dividend. The ex-dividend date of this dividend was Thursday, May 26th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.56%.
In related news, Director Hans Ueli Keller sold 3,684 shares of Ebix stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $45.49, for a total value of $167,585.16. Following the sale, the director now directly owns 69,753 shares in the company, valued at $3,173,063.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Robert F. Kerris sold 1,211 shares of Ebix stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $47.73, for a total value of $57,801.03. Following the completion of the sale, the chief financial officer now owns 4,671 shares in the company, valued at $222,946.83. The disclosure for this sale can be found here.
Other hedge funds have bought and sold shares of the company. California State Teachers Retirement System increased its stake in Ebix by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 49,639 shares of the company’s stock worth $1,628,000 after buying an additional 876 shares during the period. California Public Employees Retirement System increased its stake in Ebix by 0.7% in the fourth quarter. California Public Employees Retirement System now owns 168,600 shares of the company’s stock worth $5,528,000 after buying an additional 1,100 shares during the period. LSV Asset Management increased its stake in Ebix by 42.5% in the fourth quarter. LSV Asset Management now owns 39,900 shares of the company’s stock worth $1,308,000 after buying an additional 11,900 shares during the period. Finally, Morgan Stanley increased its stake in Ebix by 23.0% in the fourth quarter. Morgan Stanley now owns 274,813 shares of the company’s stock worth $9,011,000 after buying an additional 51,443 shares during the period.
Ebix, Inc (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operation through four channels: Exchanges, Carrier Systems, Broker Systems, and Business Process Outsourcing.
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