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Freetrade, a UK-based rival to Robinhood, has been acquired by IG Group for £160 million ($195 million), reflecting a 29% discount from its last valuation. This acquisition highlights the rapid growth of the UK stock trading market, which has seen a 10% annual increase, benefiting companies like Robinhood that recently entered the UK market. Following a 322% rally in its share price over the past year, Robinhood has received a Strong Buy consensus rating from analysts, with an average price target of $48.67 per share, indicating further upside potential.
IG Group will acquire Freetrade for £160 million, funded by existing capital, with completion expected in mid-2025 pending regulatory approvals. Freetrade will continue to operate independently, leveraging IG's resources to enhance growth and product offerings, following a strong performance in 2024 with £2.5 billion in assets under administration.
IG Group has acquired the trading app Freetrade for £160 million to enhance its UK investment offerings. Freetrade, which boasts 720,000 customers and £2.5 billion in assets under management, is recognized for its strong brand and scalable technology. The acquisition aims to capitalize on the growing UK direct investing market, projected to expand due to trends like self-directed investing and increased financial literacy.
IG Group has acquired Freetrade, a commission-free investment platform, for £160 million to enhance its UK offerings. The deal, funded by IG's existing capital, awaits regulatory approval expected by mid-2025. Freetrade, launched in 2018, has 720k customers and £2.5 billion in assets under management, generating £27.5 million in revenue in 2024.
IG Group Holdings plc has announced its acquisition of Freetrade, a self-directed investment platform, for £160 million. This move aims to enhance IG's UK trading offerings and expand its market reach, with Freetrade continuing to operate independently under its existing management.Freetrade, launched in 2018, has rapidly grown to 720,000 customers and £2.5 billion in assets under administration (AUA) by the end of 2024. The acquisition is expected to complete by mid-2025, pending regulatory approvals, and is projected to yield a return on invested capital exceeding IG's average cost of capital within three to five years.
IG Group Holdings plc (LON:IGG) shares surpassed their 200-day moving average, trading at GBX 927.50 ($11.69) after reaching a high of GBX 940 ($11.85). Analysts have set new price targets, with Royal Bank of Canada increasing theirs to GBX 1,100 ($13.86) and Deutsche Bank maintaining a "buy" rating at GBX 1,065 ($13.42). Insider Breon Corcoran purchased 40,000 shares at GBX 916 ($11.54), reflecting confidence in the company's performance.
IG Group Holdings plc (LON:IGG) reached a new 52-week high of £916 ($1,192.40) during trading, with a volume of 544,343 shares. Analysts maintain a "buy" rating, with Deutsche Bank setting a target price of GBX 1,065 ($13.86) and Royal Bank of Canada raising theirs to GBX 1,100 ($14.32). Insiders hold 4.44% of the stock, and the company has a market capitalization of £3.29 billion.
IG Group Holdings plc's shares have surpassed their 200-day moving average, trading at GBX 899 ($11.66) with a volume of 507,849. Analysts have raised their price targets, with Royal Bank of Canada setting a new target of GBX 1,100 ($14.27) and a consensus rating of "Buy" among five analysts. Insider Breon Corcoran purchased 40,000 shares at GBX 916 ($11.88), indicating confidence in the company's performance.
Clifford Abrahams has been appointed Chief Financial Officer and Executive Director of IG Group, effective December 16, 2024. With extensive experience as a CFO at major financial institutions, including Virgin Money and ABN AMRO, Abrahams aims to drive growth in fragmented markets alongside CEO Breon Corcoran. William Mead has also recently taken on the role of Head of Operations at IG Group.
IG Group has appointed Clifford Abrahams as chief financial officer and executive director, effective December 16. Abrahams, who has extensive experience in finance, previously served as group CFO at Virgin Money UK, ABN AMRO Bank, and Delta Lloyd Group. CEO Breon Corcoran expressed confidence in Abrahams' ability to contribute to the company's growth.
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