JP Morgan Chase reduces share in Plus500 by almost two thirds, ignores “buy” recommendation

JP Morgan Chase reduces share in Plus500 by almost two thirds, ignores “buy” recommendation

- in All News, Forex Brokers
plus500-stock-ipo

JP Morgan Chase, a major stakeholder in the  London Stock Exchange (LSE)-traded UK forex broker Plus500 (LON:PLUS) announced it has reduced its share in it by almost two thirds – from 8.99% to 3.05% by selling 6 829 806 of its shares. According to the statement to the LSE, now JP Morgan Chase has 3 500 255 shares in the forex broker.

jp stake april8

At market close on April 8, when the transaction took place, they cost around GBP 6.8 million.

Last week another major stakeholder in Plus500, Odey Asset Management sold 1% of its shares in the forex broker, but with its 22.95% still remains one of the larger stakeholders, along with the founder of the company Alon Gonen and another US multinational financial services company – Morgan Stanley.

Meanwhile, last Thursday the German investment bank Berenberg released a “buy” recommendation for Plus500. Its analysts also issued a new target price of GBX800 per share – higher than the 52 week high of GBX 781.

Plus500 offers trading in forex, options, contracts for difference (CFDs), commodities, indices, and exchange-traded funds (ETFs). It operates its own online trading platform for CFDs available in over 31 languages. It operates its own online trading platform for CFDs available in over 31 languages on desktop and Android, Windows and iOS  mobile operating systems.

According to Investment Trends report from July 2015,  Plus500 is the second largest CFD provider in the UK. It is licensed by three regulators – the Cyprus Securities and Exchange Commission (CySEC), UK’s Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC).

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