Rightmove (LON:RMV) Stock Price Breaks Above 200-Day Moving Average – Here’s Why

Rightmove plc (LON:RMV) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of GBX 451.42 and traded as high as GBX 459.20. Rightmove shares last traded at GBX 440.90, with a volume of 3,874,685 shares.

Wall Street Analysts Forecast Growth

RMV has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Rightmove from GBX 404 to GBX 429 and gave the stock an “underweight” rating in a report on Monday, August 3rd. Berenberg Bank restated a “buy” rating and set a GBX 575 price objective on shares of Rightmove in a report on Monday, August 3rd. Citigroup lifted their price objective on shares of Rightmove from GBX 455 to GBX 486 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a GBX 665 target price on shares of Rightmove in a research note on Monday, August 3rd. Finally, Jefferies Financial Group reissued a “hold” rating and set a GBX 465 target price on shares of Rightmove in a research report on Tuesday, September 8th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of GBX 595.12.

Rightmove Stock Down 1.6%

The stock has a fifty day moving average price of GBX 482.98 and a 200 day moving average price of GBX 451.42. The company has a debt-to-equity ratio of 7.35, a current ratio of 1.53 and a quick ratio of 2.55. The stock has a market capitalization of £3.22 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 2.58 and a beta of 0.91.

Rightmove (LON:RMV) last announced 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 281.32% and a net margin of 49.72%. On average, research analysts forecast that Rightmove plc will post 30.2327791 earnings per share for the current year.

Rightmove declared that its Board of Directors has approved a stock repurchase program on Friday, July 31st that authorizes the company to repurchase 0 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.