Inchcape (LON:INCH) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Inchcape plc (LON:INCH)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 806.20 and traded as high as GBX 820. Inchcape shares last traded at GBX 814, with a volume of 997,501 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on INCH. Citigroup raised their price target on Inchcape from GBX 1,115 to GBX 1,330 and gave the stock a “buy” rating in a report on Thursday, March 5th. Berenberg Bank restated a “buy” rating and set a GBX 1,170 price objective on shares of Inchcape in a report on Thursday, April 30th. Jefferies Financial Group reaffirmed a “buy” rating and issued a GBX 1,050 price objective on shares of Inchcape in a research report on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Inchcape from GBX 800 to GBX 830 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of GBX 1,060.

Inchcape Stock Performance

The company has a current ratio of 1.07, a quick ratio of 0.51 and a debt-to-equity ratio of 100.56. The firm has a 50-day moving average of GBX 818.72 and a 200-day moving average of GBX 806.18. The stock has a market capitalization of £2.83 billion, a price-to-earnings ratio of 11.22, a P/E/G ratio of 2.06 and a beta of 0.97.

Inchcape announced that its Board of Directors has approved a share buyback program on Tuesday, March 3rd that permits the company to buyback 0 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Inchcape news, insider Adrian Lewis sold 45,674 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of GBX 830, for a total transaction of £379,094.20. Insiders own 13.29% of the company’s stock.

Inchcape Company Profile

Inchcape is the leading global automotive distributor, with operations across six continents. By combining our in-market expertise with our unique technology and advanced data analytics, we create innovative customer experiences that deliver outstanding performance for our partners – building stronger automotive brands and creating sustainable growth. Our distribution platform connects the products of mobility company partners with customers, and our responsibilities span product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels.