Online contracts for difference trading provider Plus500 said its Chief Technology Officer purchased more than 3,000 company shares. In particular, Ari Shotland paid a total of £27,101.7 for exactly 3,454 shares.
The purchases took place in two rounds: on March 19, 2020, and then on the next day.
The first share had a purchase of 136 shares with a £7.37 average price, accounting for a total of £1,002.3. March 20 then saw a drastic change with the purchase of 3,318 shares with an average price of £7.866.
All purchases were held on the London Stock Exchange.
Shotland’s purchase follows a sequence of purchases from Plus500’s top executives since its first buyback program in August 2019.
The company plans to repurchase its shares to around an additional $30 million of its ordinary shares. Last year, Plus500 bought back $50 million worth of shares on its previous program.
About Plus500
Even amid chaotic volumes in the financial market, Plus500 continued to see increasing levels of customer trading activity this year. Revenue from customer income is still going strong from market volatility.
The company also expects to see its customer trading performance to reach neutral levels over time.
Not only that, but the company also expects to see a higher-than-expected revenue and profitability for the full year of 2020.
Plus500 stepped into 2019 with an 82 percent decrease in revenues quarter over quarter.
The company began to see high revenues from outside the European Economic Area in the second half of 2019. The firm had improvements in their propriety platform then, which strengthened market positions.
Now, analysts are worried about the current situation in the market. Constantly high volatility could complicate demand, which forces brokers to hold margin calls or to close accounts with a negative balance.
Large changes in major currencies can also result in massive losses for forex brokers.
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