Gold prices bounce off 3-week lows; demand likely longer term
Robert Dechant, the Chief Executive Officer of IBEX Ltd (NASDAQ:IBEX), recently sold 2,621 common shares of the company. The stock has shown remarkable strength, gaining over 44% in the past six months and trading near its 52-week high, according to InvestingPro data. The transaction, executed on February 7, 2025, was completed at a weighted average price of $25.0015 per share, resulting in a total sale value of approximately $65,528. Following this transaction, Dechant holds 221,012 shares directly. The sale was conducted under a pre-arranged trading plan. With a P/E ratio of 12.8 and recent analyst upward revisions, InvestingPro analysis suggests IBEX is currently undervalued. InvestingPro subscribers have access to 12 additional key insights about IBEX, including detailed valuation metrics and growth indicators.
In other recent news, IBEX Ltd has announced several significant developments. The company completed a $70 million share repurchase, which involved the buyback of 3,562,341 of its common shares from The Resource Group International Limited (TRGI). The repurchase was funded through a combination of cash and a convertible promissory note, which has now been fully settled.
In addition to this, IBEX Ltd also reported a robust start to the fiscal year 2025, posting a record revenue of $129.7 million for the first quarter. This marks a 4.1% increase from the previous year. The company’s adjusted EBITDA rose to $15.6 million, and there was a 30% rise in adjusted EPS to $0.52. Following these strong results, IBEX has raised its full-year revenue guidance to between $515 million and $525 million.
In other developments, IBEX Ltd held its annual general meeting where shareholders set the maximum number of directors at eight and re-elected directors including Fiona Beck, Shuja Keen, and Mohammed Khaishgi. Shareholders also ratified the appointment of Deloitte & Touche LLP as the company’s independent registered accounting firm for the fiscal year ending June 30, 2025. These are recent developments in the company’s journey.
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