BidaskClub Downgrades Ebix (NASDAQ:EBIX) to Sell

BidaskClub cut shares of Ebix (NASDAQ:EBIX) from a hold rating to a sell rating in a research report sent to investors on Wednesday, BidAskClub reports.

Several other research firms have also recently commented on EBIX. Craig Hallum dropped their target price on shares of Ebix from $80.00 to $75.00 in a research report on Thursday, April 30th. BMO Capital Markets dropped their price target on Ebix from $43.00 to $34.00 and set a market perform rating on the stock in a report on Tuesday, May 12th. Finally, ValuEngine upgraded Ebix from a sell rating to a hold rating in a research note on Thursday, July 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $47.31.

Shares of NASDAQ:EBIX opened at $22.06 on Wednesday. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 1.22. The stock has a market cap of $665.06 million, a PE ratio of 7.05 and a beta of 2.12. The stock’s fifty day simple moving average is $22.10 and its two-hundred day simple moving average is $23.83. Ebix has a 1-year low of $8.75 and a 1-year high of $46.50.

Ebix (NASDAQ:EBIX) last announced its earnings results on Monday, May 11th. The technology company reported $0.96 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.02. Ebix had a net margin of 16.63% and a return on equity of 20.90%. The company had revenue of $137.90 million during the quarter, compared to the consensus estimate of $139.43 million. During the same quarter in the prior year, the company posted $1.04 earnings per share. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis.

In other news, Director Neil D. Eckert sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $23.92, for a total transaction of $239,200.00. Following the completion of the sale, the director now owns 91,987 shares in the company, valued at approximately $2,200,329.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 14.20% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of EBIX. Thrivent Financial for Lutherans increased its holdings in Ebix by 5.3% in the 1st quarter. Thrivent Financial for Lutherans now owns 18,658 shares of the technology company’s stock worth $283,000 after acquiring an additional 932 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Ebix by 76.0% during the first quarter. BNP Paribas Arbitrage SA now owns 9,729 shares of the technology company’s stock worth $148,000 after purchasing an additional 4,202 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Ebix by 48.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,201 shares of the technology company’s stock worth $170,000 after purchasing an additional 3,654 shares in the last quarter. Balyasny Asset Management LLC raised its position in shares of Ebix by 72.8% in the first quarter. Balyasny Asset Management LLC now owns 63,930 shares of the technology company’s stock valued at $970,000 after purchasing an additional 26,940 shares during the period. Finally, Invesco Ltd. boosted its holdings in Ebix by 7.3% in the 1st quarter. Invesco Ltd. now owns 100,882 shares of the technology company’s stock worth $1,532,000 after buying an additional 6,873 shares during the period. 71.93% of the stock is currently owned by hedge funds and other institutional investors.

Ebix Company Profile

Ebix, Inc provides software and e-commerce solutions to insurance, finance, healthcare, and e-learning 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 finance, travel, life insurance, annuities, employee health benefits, risk management, workers compensation, insurance underwriting, and property and casualty (P&C) insurance.

Further Reading: Secondary Public Offerings

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