Rightmove (LON:RMV) Stock Price Up 8.9% – Here’s Why

Rightmove plc (LON:RMV)’s stock price shot up 8.9% on Thursday. The stock traded as high as GBX 532.80 and last traded at GBX 502.60. Approximately 6,900,926 shares traded hands during trading, a decline of 78% from the average daily volume of 32,088,566 shares. The stock had previously closed at GBX 461.50.

Analyst Upgrades and Downgrades

Several research firms recently commented on RMV. Berenberg Bank reaffirmed a “buy” rating and set a GBX 575 target price on shares of Rightmove in a report on Monday, August 3rd. Citigroup raised their price objective on Rightmove from GBX 455 to GBX 486 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. boosted their target price on Rightmove from GBX 404 to GBX 429 and gave the company an “underweight” rating in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a GBX 665 target price on shares of Rightmove in a research note on Monday, August 3rd. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a GBX 465 price target on shares of Rightmove in a research report on Tuesday, September 8th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of GBX 595.12.

Rightmove Trading Down 2.9%

The business’s 50 day simple moving average is GBX 484.04 and its 200 day simple moving average is GBX 451.89. 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 company has a market capitalization of £3.54 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 2.58 and a beta of 0.94.

Rightmove (LON:RMV) last released its earnings results on Friday, July 31st. The company reported GBX 15.60 earnings per share (EPS) for the quarter. Rightmove had a return on equity of 281.32% and a net margin of 49.72%. Research analysts anticipate that Rightmove plc will post 30.23 EPS for the current year.

Rightmove declared that its Board of Directors has initiated a share repurchase program on Friday, July 31st that permits the company to buy back 0 shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board 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.