Shares of CFD broker Plus500 Ltd (LON:PLUS) hit their highest level since last May on Friday, following a positive research note issued by an investment analyst at UK brokerage Numis Securities.
Plus500 shares rose as high as £6.30 during Friday’s trading session, settling to close at £6.19 – their highest closing price since May 14 of last year. Numis has a buy rating and price target of £8.38 for Plus500, indicating another 35% or so of upside.
At its current share price, Plus500 has a market cap of £711 million, or USD $1.1 billion.
Plus500 probably won’t be releasing its Q4 and full year 2014 results for another few weeks, but investors seem to be slowly bidding up its shares as we approach the results announcement. Plus500 itself has been active, signing recently as a jersey sponsor of leading Spanish soccer club Atletico Madrid, and building its Board of Directors with the recent addition of Aviva plc Chief Audit Officer (and former FSA/FCA exec) Paul Boyle OBE.