Fonix Mobile (LON:FNX) Stock Price Up 1.8% – Here’s What Happened

Fonix Mobile plc (LON:FNX)’s share price shot up 1.8% during mid-day trading on Thursday . The stock traded as high as GBX 170 and last traded at GBX 169.50. 66,376 shares traded hands during trading, a decline of 64% from the average daily volume of 185,810 shares. The stock had previously closed at GBX 166.50.

Analyst Ratings Changes

Separately, Canaccord Genuity Group reissued a “buy” rating and issued a GBX 293 target price on shares of Fonix Mobile in a report on Thursday, July 23rd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of GBX 293.

Fonix Mobile Price Performance

The stock has a market capitalization of £168.40 million, a price-to-earnings ratio of 15.40 and a beta of 0.57. The company has a quick ratio of 1.16, a current ratio of 1.12 and a debt-to-equity ratio of 0.77. The stock has a fifty day moving average of GBX 160.53 and a 200-day moving average of GBX 162.63.

Fonix Mobile announced that its Board of Directors has authorized a stock repurchase program on Friday, May 22nd that authorizes the company to buyback 1,250,000,000,000 shares. This buyback authorization authorizes the company to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Fonix Mobile Company Profile

Founded in 2006, Fonix provides mobile payments and messaging services for clients across media, telecoms, entertainment, enterprise and commerce. Based in London, Fonix is a fast growth business driven ITV, Bauer Media, BT, Global Radio, Comic Relief and Children in Need to name a few.