Plus500 Shares Fall, Continues its Buyback Program

Plus500 continues its latest share buyback program, in which the company plans to repurchase $30 million of its ordinary shares. It is purchasing a further 13,577 of its own shares.

This is in accordance with its share buyback program announced on the 12th of February. It has bought 13,577 of its own shares on April 23 at a volume-weighted average price of £1.180. Therefore, the Israel-based broker spent around £16,020.86 for the latest batch.

Despite the market turmoil, the London-listed broker continued with its share buyback program. In particular, this week the broker has repurchased shares each day this week up until Thursday, according to regulatory filings. These are made available one day after the repurchase has taken place.

From Monday until Thursday this week, Plus500 has purchased 112,077 shares in total. It has spent an approximate amount of £125,434.36. For today, purchase of shares has not yet been made public.

Plus500 Shares Going Up Since February

In February, the broker first announced its latest share buyback program. Since then, the company’s shares have been on a general upward trend. 

It was largely due to the fact that the broker has been benefiting from heightened volatility in the financial markets. The volatility was a result of the coronavirus pandemic. 

Today, however, the company’s share price has plunged. It achieved strong revenues for the first quarter of 2020. 

In particular, this is a 487 percent yearly increase. That is when comparing Q1 of 2020 revenues, which was $316.6 million, against the same period of the previous year.

The latest share buyback program follows the completion of the firm’s previous buyback program. It commenced in August of last year, in which it repurchased $50 million worth of shares. 

The original announcement of the buyback program came on the heels of a poor set of half-year financial results for Plus500.