Gold prices bounce off 3-week lows; demand likely longer term
Keen Shuja, a director at IBEX Ltd (NASDAQ:IBEX), recently sold 11,199 common shares of the company. The company, with a market capitalization of $362 million, has shown strong momentum with its stock trading near its 52-week high of $21.63. The transaction, which took place on December 30, 2024, was executed at a weighted average price of $21.9522 per share, resulting in a total sale value of approximately $245,842. Following this sale, Shuja retains ownership of 47,727 shares through Adia Global LLC. The sale was carried out as part of a prearranged trading plan. According to InvestingPro analysis, IBEX currently appears undervalued, with management actively pursuing share buybacks to enhance shareholder value. For deeper insights into insider trading patterns and comprehensive financial analysis, investors can access the detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, IBEX Ltd has reported significant developments. The company has set the size of its board of directors, re-elected directors, and retained its auditor, Deloitte & Touche LLP, for the upcoming fiscal year. Notably, IBEX Ltd has also repurchased approximately 20% of its diluted shares from The Resource Group International, Limited, effectively ending its status as a "controlled company" under Nasdaq rules and shifting its board to consist of a majority of independent directors.
Furthermore, the company has started fiscal year 2025 strongly, posting record Q1 revenue of $129.7 million, marking a 4.1% increase from the previous year. Adjusted EBITDA rose to $15.6 million, and adjusted EPS increased by 30% to $0.52. In light of these results, IBEX Ltd has raised its full-year revenue guidance to between $515 million and $525 million, with adjusted EBITDA expected to reach $67 million to $69 million.
Lastly, the company has expanded its higher-margin offshore and nearshore services, now comprising 76% of total revenue, and launched three new client relationships. These are recent developments that highlight the company's ongoing efforts to enhance shareholder value and financial performance.
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