In a recent transaction, Mohammedulla Khaishgi, a director at IBEX Ltd (NASDAQ:IBEX), has sold a significant number of shares in the company. According to the latest filings, Khaishgi disposed of shares amounting to a total value of over $524,000. The sales occurred in multiple trades with prices ranging from $20.0018 to $20.1339.
The transactions took place over two consecutive days. On September 23, 2024, Khaishgi sold 12,600 shares at a weighted average price of $20.1002 and another 10,000 shares at $20.1339. The following day, he continued with the sale of 1,727 shares at an average price of $20.0018 and 1,755 shares at $20.0028. These sales were executed in several trades within the specified price ranges.
After the transactions, Khaishgi's direct ownership in IBEX Ltd stood at 277,077 shares. Additionally, as the trustee of the Allibhoy Khaishgi Family Foundation, he indirectly owns 107,734 shares. The sales have adjusted his total direct and indirect holdings in the company.
Investors and followers of IBEX Ltd will note these transactions as part of the ongoing financial activities of the company's insiders. The details of the sales, including the number of shares sold at each separate price within the ranges, are available upon request, as per the undertaking provided by Khaishgi to the issuer and regulatory authorities.
The filing was signed on behalf of Khaishgi by Lisa Lenstrohm, his attorney-in-fact, on September 24, 2024.
In other recent news, IBEX Ltd. has been the subject of several significant financial developments. The company reported a transformative year, with a record increase in earnings per share (EPS) to $2.10 and a rise in free cash flow to $27 million. Despite a slight annual revenue decrease to $509 million, the company's Q4 revenue suggested a return to growth. Financial services firms Baird and RBC Capital Markets have both adjusted their price targets for IBEX, expressing confidence in the company's future performance.
Baird increased its price target for IBEX shares to $23.00, up from $20.00, maintaining an Outperform rating. This adjustment followed a call with IBEX management, during which Baird noted the company's potential for 5-7% revenue growth and 15% EBITDA margins over time, with artificial intelligence playing a significant role.
RBC Capital Markets, on the other hand, raised its price target for IBEX from $18 to $20, maintaining a Sector Perform rating. The firm's analysis highlighted a return to revenue growth and a focus on more profitable service areas.
These developments reflect recent trends and projections for IBEX, with both Baird and RBC Capital Markets expressing confidence in the company's strategic direction and growth potential.
InvestingPro Insights
As investors assess the recent insider sales at IBEX Ltd, it's worth considering the company's financial health and market performance to better understand the context of these transactions. IBEX Ltd, with a market capitalization of $335.9 million, is trading at a P/E ratio of 10.5, indicating a potentially undervalued stock when aligned with its near-term earnings growth. This is further supported by an adjusted P/E ratio of 9.3 over the last twelve months as of Q4 2024.
Moreover, the company's performance metrics reveal a strong return over the past month, with a 17.07% increase, and even more impressive over the last three months at 23.78%. These figures highlight a notable upward trend in the stock's price, which is also trading near its 52-week high at 97.23% of the peak value. Additionally, IBEX Ltd has been profitable over the last twelve months, which aligns with analysts' predictions for the company's profitability this year.
An InvestingPro Tip to consider is that IBEX Ltd's management has been actively engaging in share buybacks, which often reflects confidence in the company's prospects. Furthermore, the firm's cash flows can sufficiently cover interest payments, and its liquid assets exceed short-term obligations, indicating a solid liquidity position. For investors looking for more comprehensive analysis and additional InvestingPro Tips, 14 more are available, including insights into the company's shareholder yield and debt levels, at https://www.investing.com/pro/IBEX.
Understanding these financial and market indicators can provide investors with a more nuanced view of the insider transactions and the potential investment opportunities with IBEX Ltd.
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