Stock Buyback Program Authorized by Rightmove (LON:RMV) Board

Rightmove (LON:RMV) declared that its Board of Directors has initiated a stock buyback program on Friday, July 31st, RTT News reports. The company plans to buyback 0 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Rightmove Price Performance

Shares of LON:RMV traded up GBX 7.80 during trading on Friday, reaching GBX 464.60. 5,267,535 shares of the company’s stock traded hands, compared to its average volume of 34,621,227. The company has a quick ratio of 2.55, a current ratio of 1.89 and a debt-to-equity ratio of 8.73. Rightmove has a fifty-two week low of GBX 391.40 and a fifty-two week high of GBX 827. The company has a 50-day simple moving average of GBX 439.74 and a 200-day simple moving average of GBX 444.26. The firm has a market cap of £3.46 billion, a PE ratio of 16.59, a P/E/G ratio of 2.58 and a beta of 0.90.

Rightmove (LON:RMV) last released its quarterly earnings results on Friday, July 31st. The company reported GBX 15.60 earnings per share for the quarter. Rightmove had a return on equity of 264.68% and a net margin of 51.06%. As a group, analysts predict that Rightmove will post 30.2327791 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RMV has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on shares of Rightmove from GBX 489 to GBX 404 and set an “underweight” rating for the company in a research report on Tuesday, June 16th. UBS Group reaffirmed a “neutral” rating and set a GBX 481 price target on shares of Rightmove in a research report on Tuesday, May 5th. Citigroup reduced their price objective on Rightmove from GBX 520 to GBX 455 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Finally, Jefferies Financial Group reissued an “underperform” rating and issued a GBX 465 price objective on shares of Rightmove in a report on Friday. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of GBX 607.14.

Insider Buying and Selling

In other Rightmove news, insider Amanda James bought 6,016 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were purchased at an average price of GBX 413 per share, for a total transaction of £24,846.08. Also, insider Lorna Tilbian bought 3,600 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were acquired at an average price of GBX 403 per share, for a total transaction of £14,508. 0.37% of the stock is owned by insiders.

About Rightmove

Rightmove plc, together with its subsidiaries, operates online digital property advertising and information portals in the United Kingdom and internationally. The company operates through Agency, New Homes, and Other segments. The Agency segment provides property resale and letting advertising services on its platforms. The segment also offers tenant references and rent guarantee insurance services to landlords. The New Homes segment provides property advertising services to new home developers and housing associations on its platforms.