Gold prices bounce off 3-week lows; demand likely longer term
On February 7, 2025, Mohammedulla Khaishgi, a director at IBEX Ltd (NASDAQ:IBEX), sold a significant portion of his holdings in the company. The transactions involved a total of 22,600 common shares, with the sales generating approximately $509,029. The shares were sold at prices ranging from $22.50 to $22.5529 per share. The sale comes as IBEX trades near its 52-week high, with the stock showing impressive momentum, up 44% over the past six months. According to InvestingPro analysis, the company maintains a "GREAT" financial health score, trading at an attractive P/E ratio of 12.8x.
Following these transactions, Khaishgi now holds 190,712 shares directly and 70,293 shares indirectly as a trustee of the Allibhoy Khaishgi Family Foundation. The sales were executed in multiple trades, with a weighted average sales price reported for a portion of the shares. While this insider sale is notable, InvestingPro data reveals that management has been actively buying back shares, potentially signaling confidence in the company’s outlook. Get deeper insights into insider trading patterns and 12+ additional ProTips with an InvestingPro subscription.
In other recent news, IBEX Ltd has been active on multiple fronts. The company recently completed a $70 million share repurchase, involving 3,562,341 of its common shares from The Resource Group International Limited (TRGI). The repurchase was financed with $45 million in cash and a convertible promissory note valued at $25 million, now fully paid off using proceeds from its credit lines with HSBC Bank USA and HSBC Bank Middle East Limited.
In addition to this, IBEX Ltd has made changes to its board structure, with shareholders approving the setting of the board size, re-election of directors, and retention of Deloitte & Touche LLP as the company’s auditor for the upcoming fiscal year. The board now consists of a majority of independent directors, following the repurchase of shares which reduced TRGI’s stake.
Moreover, the company has reported a strong start to fiscal year 2025, posting a record Q1 revenue of $129.7 million, a 4.1% increase from the previous year. Adjusted EBITDA rose to $15.6 million, and adjusted EPS increased by 30% to $0.52. Based on these results, IBEX Ltd has raised its full-year revenue guidance to between $515 million and $525 million, with adjusted EBITDA expected to reach between $67 million and $69 million. These recent developments highlight the company’s financial activities and strategic intentions.
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