Shares of Auction Technology Group plc (LON: ATG) experienced a substantial increase of 24.4% on Monday, reaching a high of GBX 338.50 before closing at GBX 337. This marks a notable rise from the previous close of GBX 270.95. During the trading session, approximately 3,239,603 shares changed hands, slightly below the average volume of 3,257,105 shares.
Analysts Provide Mixed Outlook
In the wake of this surge, several analysts have reassessed their ratings for Auction Technology Group. On November 28, 2023, analysts at JPMorgan Chase & Co. raised their price target for the stock from GBX 690 to GBX 695, maintaining an “overweight” rating. Conversely, Peel Hunt lowered their price target from GBX 730 to GBX 460 while keeping a “buy” rating.
On December 2, 2023, the Royal Bank of Canada adjusted their price target down from GBX 415 to GBX 315, assigning a “sector perform” rating. Meanwhile, Berenberg Bank decreased their price objective from GBX 560 to GBX 460, also maintaining a “buy” rating for the stock.
Overall, four equity research analysts currently rate Auction Technology Group as a “buy,” while one has issued a “hold” rating. According to data from MarketBeat, the stock holds an average rating of “Moderate Buy” with an average price target of GBX 549.
About Auction Technology Group
Auction Technology Group plc operates as a leading provider of online auction services, connecting bidders with over 3,800 auction houses worldwide. The company specializes in curated online auctions in two primary sectors: Industrial & Commercial and Art & Antiques. Its proprietary auction platform supports approximately 70,000 live and timed auctions each year across eight online marketplaces.
Founded in 1971, Auction Technology Group has established a significant presence in both the UK and international markets, with offices located in the UK, US, and Germany. The company continues to evolve within the auction industry, leveraging technology to enhance the auction experience for both sellers and buyers.
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