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Auto Trader ( (GB:AUTO) ) has issued an announcement.
Auto Trader Group plc announced the repurchase of 353,200 of its ordinary shares for cancellation at an average price of 793.7685 pence per share, as part of its ongoing buyback program. This transaction, executed through Merrill Lynch International, reflects the company’s strategy to optimize its capital structure and potentially enhance shareholder value by reducing the number of shares in circulation, thereby increasing the ownership percentage of remaining shareholders.
The most recent analyst rating on (GB:AUTO) stock is a Buy with a £923.00 price target. To see the full list of analyst forecasts on Auto Trader stock, see the GB:AUTO Stock Forecast page.
Spark’s Take on GB:AUTO Stock
According to Spark, TipRanks’ AI Analyst, GB:AUTO is a Outperform.
Auto Trader’s strong financial performance and positive earnings call are the primary drivers of its high score. The company’s robust market position and successful product launches further enhance its prospects. However, the high valuation and challenges in vehicle pricing slightly temper the overall outlook.
To see Spark’s full report on GB:AUTO stock, click here.
More about Auto Trader
Auto Trader Group plc operates in the automotive industry, primarily focusing on providing a digital marketplace for buying and selling new and used cars. The company facilitates transactions between car buyers and sellers, leveraging its platform to offer a wide range of automotive-related services.
Average Trading Volume: 2,072,333
Technical Sentiment Signal: Strong Buy
Current Market Cap: £6.99B
For detailed information about AUTO stock, go to TipRanks’ Stock Analysis page.