Rightmove (LON:RMV) Sets New 12-Month High – Here’s Why

Rightmove plc (LON:RMV) reached a new 52-week high on Friday. The company traded as high as GBX 575 and last traded at GBX 573.29, with a volume of 1,575,276 shares. The stock had previously closed at GBX 563.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Jefferies Financial Group reiterated a “hold” rating and set a GBX 465 price target on shares of Rightmove in a report on Tuesday, September 8th. Berenberg Bank raised their price objective on Rightmove from GBX 575 to GBX 665 and gave the company a “buy” rating in a report on Monday. Deutsche Bank restated a “buy” rating and set a GBX 665 price objective on shares of Rightmove in a research report on Monday, August 3rd. Citigroup upped their target price on Rightmove from GBX 455 to GBX 486 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. increased 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. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned 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 531.83.

Rightmove Trading Up 0.5%

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 cap of £4.07 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 2.58 and a beta of 0.99. The business’s fifty day moving average price is GBX 503.32 and its 200 day moving average price is GBX 461.70.

Rightmove announced that its board has authorized a share buyback plan on Friday, July 31st that authorizes the company to repurchase shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Rosemary Leith purchased 2,300 shares of Rightmove stock in a transaction on Wednesday, October 21st. The shares were purchased at an average price of GBX 542 per share, for a total transaction of £12,466. Insiders own 0.43% of the company’s stock.

Rightmove Company Profile

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.