Ebix (EBIX) Downgraded to Strong Sell at BidaskClub

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BidaskClub downgraded shares of Ebix (NASDAQ:EBIX) from a sell rating to a strong sell rating in a report published on Thursday.

EBIX has been the subject of a number of other reports. Maxim Group assumed coverage on shares of Ebix in a report on Thursday, July 12th. They set a buy rating and a $108.00 price target for the company. BMO Capital Markets assumed coverage on shares of Ebix in a research report on Wednesday, September 26th. They set a market perform rating and a $85.00 price objective on the stock. Finally, ValuEngine downgraded shares of Ebix from a buy rating to a hold rating in a research report on Wednesday, October 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Ebix has a consensus rating of Hold and an average price target of $97.00.

NASDAQ:EBIX traded down $0.20 during midday trading on Thursday, reaching $52.76. 574,000 shares of the stock traded hands, compared to its average volume of 217,915. Ebix has a 12 month low of $50.58 and a 12 month high of $89.10. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $1.74 billion, a P/E ratio of 16.62 and a beta of 1.64.

Ebix shares are going to split on Friday, December 14th. The 5-1 split was announced on Thursday, September 20th. The newly issued shares will be issued to shareholders after the market closes on Thursday, December 13th.

Ebix (NASDAQ:EBIX) last posted its quarterly earnings results on Thursday, November 8th. The technology company reported $0.92 EPS for the quarter, missing the Zacks’ consensus estimate of $0.95 by ($0.03). Ebix had a net margin of 24.67% and a return on equity of 19.99%. The firm had revenue of $128.64 million for the quarter, compared to the consensus estimate of $128.63 million. The company’s quarterly revenue was up 38.6% on a year-over-year basis.

In other Ebix news, major shareholder Fondation Rennes sold 12,800 shares of the business’s stock in a transaction on Wednesday, October 3rd. The shares were sold at an average price of $77.20, for a total transaction of $988,160.00. Following the transaction, the insider now directly owns 3,425,981 shares of the company’s stock, valued at approximately $264,485,733.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 13.50% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the business. FMR LLC increased its position in Ebix by 2.2% during the 3rd quarter. FMR LLC now owns 3,827,062 shares of the technology company’s stock valued at $302,912,000 after purchasing an additional 83,421 shares during the period. Affinity Investment Advisors LLC increased its position in Ebix by 50.8% during the 3rd quarter. Affinity Investment Advisors LLC now owns 4,601 shares of the technology company’s stock valued at $364,000 after purchasing an additional 1,549 shares during the period. BlackRock Inc. increased its position in Ebix by 5.8% during the 3rd quarter. BlackRock Inc. now owns 3,396,207 shares of the technology company’s stock valued at $268,811,000 after purchasing an additional 185,061 shares during the period. Cim Investment Mangement Inc. increased its position in Ebix by 62.8% during the 3rd quarter. Cim Investment Mangement Inc. now owns 6,973 shares of the technology company’s stock valued at $552,000 after purchasing an additional 2,691 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Ebix by 4.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 306,846 shares of the technology company’s stock valued at $24,287,000 after purchasing an additional 13,362 shares during the period. 69.78% of the stock is currently owned by institutional investors and hedge funds.

Ebix Company Profile

Ebix, Inc provides software and e-commerce solutions to insurance, finance, and healthcare industries. It offers software development, customization, and consulting services to various entities in the insurance industry, including carriers, brokers, exchanges, and standard making bodies. The company operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, insurance underwriting, and property and casualty (P&C) insurance.

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