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

Rightmove plc (LON:RMV)’s share price hit a new 52-week high during mid-day trading 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

A number of brokerages have issued reports on RMV. Citigroup increased their price objective on shares of Rightmove from GBX 455 to GBX 486 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Deutsche Bank restated a “buy” rating and issued a GBX 665 target price on shares of Rightmove in a research report on Monday, August 3rd. Jefferies Financial Group reaffirmed a “hold” rating and set a GBX 465 price target on shares of Rightmove in a report on Tuesday, September 8th. JPMorgan Chase & Co. increased their price target on shares of Rightmove from GBX 404 to GBX 429 and gave the stock an “underweight” rating in a research report on Monday, August 3rd. Finally, Berenberg Bank lifted their price objective on shares of Rightmove from GBX 575 to GBX 665 and gave the company a “buy” rating in a research note on Monday. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of GBX 531.83.

Rightmove Trading Up 0.5%

The company has a current ratio of 1.53, a quick ratio of 2.55 and a debt-to-equity ratio of 7.35. The firm has a market capitalization of £4.07 billion, a P/E ratio of 19.79, a P/E/G ratio of 2.58 and a beta of 0.99. The firm has a 50-day moving average of GBX 503.32 and a two-hundred day moving average of GBX 461.70.

Rightmove declared that its board has initiated a share buyback plan on Friday, July 31st that allows the company to buy back outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Rosemary Leith bought 2,300 shares of the company’s stock in a transaction dated Wednesday, October 21st. The stock was purchased at an average price of GBX 542 per share, with a total value 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.