why SP Plus Corporation [SP] is a Good Choice for Investors After New Price Target of $50.00


SP Plus Corporation [NASDAQ: SP] slipped around -0.03 points on Friday, while shares priced at $28.47 at the close of the session, down -0.11%. The company report on May 17, 2022 that SP Plus Corporation Announces New $60 Million Share Repurchase Authorization.

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SP Plus Corporation (Nasdaq:SP), a leading provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients throughout North America, today announced its Board has voted to terminate all remaining authorizations and approved a new share repurchase authorization of $60 million that allows the Company to repurchase shares, from time to time, in the open market.

Marc Baumann, Chairman and Chief Executive Officer, stated, “Our new share repurchase authorization underscores the Board’s and management’s confidence in our long-term outlook and strong growth prospects. We believe our ability to generate significant free cash flow provides flexibility to execute on a multi-faceted capital allocation strategy to create additional shareholder value, which includes investments to accelerate organic growth, acquisitions and opportunistic share repurchases.”.

SP Plus Corporation stock is now 0.89% up from its year-to-date (YTD) trading value. SP Stock saw the intraday high of $28.81 and lowest of $28.26 per share. The company’s 52-week high price is 34.99, which means current price is +9.04% above from all time high which was touched on 06/08/22.

Compared to the average trading volume of 80.05K shares, SP reached a trading volume of 119160 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about SP Plus Corporation [SP]?

Barrington Research have made an estimate for SP Plus Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on August 06, 2018. While these analysts kept the previous recommendation, Barrington Research raised their target price from $39 to $42. The new note on the price target was released on March 05, 2018, representing the official price target for SP Plus Corporation stock. Previously, the target price had yet another raise from $30 to $37, while Barrington Research kept a Outperform rating on SP stock. On March 02, 2016, analysts decreased their price target for SP shares from 31 to 30.

The Average True Range (ATR) for SP Plus Corporation is set at 1.14, with the Price to Sales ratio for SP stock in the period of the last 12 months amounting to 0.52. The Price to Book ratio for the last quarter was 2.57, with the Price to Cash per share for the same quarter was set at 1.00. Price to Free Cash Flow for SP in the course of the last twelve months was 9.31 with Quick ratio for the last quarter at 0.50.

How has SP stock performed recently?

SP Plus Corporation [SP] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.56. With this latest performance, SP shares dropped by -7.59% in over the last four-week period, additionally plugging by 9.92% over the last 6 months – not to mention a drop of -10.50% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SP stock in for the last two-week period is set at 35.40, with the RSI for the last a single of trading hit 28.43, and the three-weeks RSI is set at 40.01 for SP Plus Corporation [SP]. The present Moving Average for the last 50 days of trading for this stock 30.17, while it was recorded at 29.14 for the last single week of trading, and 29.89 for the last 200 days.

SP Plus Corporation [SP]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and SP Plus Corporation [SP] shares currently have an operating margin of +4.70 and a Gross Margin at +12.09. SP Plus Corporation’s Net Margin is presently recorded at +2.69.

Return on Equity for this stock inclined to 15.63, with Return on Assets sitting at 2.62.

SP Plus Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.50.

Earnings analysis for SP Plus Corporation [SP]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for SP Plus Corporation go to 10.00%.

Insider trade positions for SP Plus Corporation [SP]

There are presently around $613 million, or 94.90% of SP stock, in the hands of institutional investors. The top three institutional holders of SP stocks are: RIVER ROAD ASSET MANAGEMENT, LLC with ownership of 1,737,557, which is approximately -0.014% of the company’s market cap and around 1.90% of the total institutional ownership; BLACKROCK INC., holding 1,535,721 shares of the stock with an approximate value of $43.72 million in SP stocks shares; and SEGALL BRYANT & HAMILL, LLC, currently with $41.23 million in SP stock with ownership of nearly -0.639% of the company’s market capitalization.

Positions in SP Plus Corporation stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 59 institutional holders increased their position in SP Plus Corporation [NASDAQ:SP] by around 1,029,466 shares. Additionally, 57 investors decreased positions by around 738,866 shares, while 22 investors held positions by with 19,766,980 shares. The mentioned changes placed institutional holdings at 21,535,312 shares, according to the latest SEC report filing. SP stock had 15 new institutional investments in for a total of 203,439 shares, while 6 institutional investors sold positions of 24,140 shares during the same period.