Instinet Reiterates Neutral Rating for Cowen Group, Inc. (NASDAQ:COWN)
Cowen Group, Inc. (NASDAQ:COWN)‘s stock had its “neutral” rating restated by investment analysts at Instinet in a research note issued to investors on Friday. They currently have a $18.00 price objective on the financial services provider’s stock, up from their prior price objective of $17.00. Instinet’s target price indicates a potential upside of 9.76% from the company’s previous close.
COWN has been the subject of several other reports. BidaskClub lowered Cowen Group from a “hold” rating to a “sell” rating in a report on Thursday. Nomura upped their target price on Cowen Group from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday.
Cowen Group (NASDAQ:COWN) traded up 3.14% during mid-day trading on Friday, reaching $16.40. The company’s stock had a trading volume of 253,440 shares. The firm has a 50-day moving average of $16.31 and a 200-day moving average of $15.09. The stock’s market capitalization is $509.61 million. Cowen Group has a 52 week low of $11.60 and a 52 week high of $16.95.
Cowen Group (NASDAQ:COWN) last posted its earnings results on Thursday, August 3rd. The financial services provider reported $0.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.12. The company had revenue of $171.90 million during the quarter, compared to analyst estimates of $169.54 million. Cowen Group had a return on equity of 1.92% and a net margin of 1.00%. The business’s revenue was up 113.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.11) earnings per share. On average, equities research analysts expect that Cowen Group will post $1.65 earnings per share for the current year.
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In other news, major shareholder Peter A. Cohen sold 133,202 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $0.37, for a total transaction of $49,284.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Peter A. Cohen sold 194,349 shares of the company’s stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $0.39, for a total value of $75,796.11. The disclosure for this sale can be found here. Insiders have sold 1,049,914 shares of company stock valued at $300,237 over the last ninety days. Corporate insiders own 4.90% of the company’s stock.
Several institutional investors have recently bought and sold shares of COWN. Sei Investments Co. acquired a new position in shares of Cowen Group during the second quarter worth about $119,000. Russell Investments Group Ltd. acquired a new position in shares of Cowen Group during the fourth quarter worth about $143,000. ETRADE Capital Management LLC acquired a new position in shares of Cowen Group during the second quarter worth about $166,000. American International Group Inc. raised its position in shares of Cowen Group by 7.2% in the first quarter. American International Group Inc. now owns 15,740 shares of the financial services provider’s stock worth $235,000 after buying an additional 1,051 shares during the period. Finally, Blair William & Co. IL raised its position in shares of Cowen Group by 6.9% in the first quarter. Blair William & Co. IL now owns 17,975 shares of the financial services provider’s stock worth $269,000 after buying an additional 1,166 shares during the period. 91.13% of the stock is owned by institutional investors.
Cowen Group Company Profile
Cowen Inc, formerly Cowen Group, Inc, is a financial services company. The Company provides alternative investment management, investment banking, research, sales and trading, and prime brokerage services. It operates through two segments: alternative investment and broker-dealer. The alternative investment segment includes private equity structures, registered investment companies and listed investment vehicles.
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