MarketAxess Holdings, Inc. (MKTX) Downgraded by Zacks Investment Research to Sell
MarketAxess Holdings, Inc. (NASDAQ:MKTX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “In last one year the stock of MarketAxess Holdings underperformed its industry. The company suffers from escalating expenses. Its operation is also hurt by stringent regulation of U.S and U.K. Intense competition remains another headwind. Nonetheless, its underwriting results have been consistently impressive driven by growth in revenues, improving trading volumes, ongoing investments in areas including Open Trading, launch of products and its strong market position in the U.S. credit. Also, it continues to benefit from its international business, with strength in both emerging markets and Eurobond spaces.”
Several other equities analysts have also weighed in on the stock. BidaskClub lowered shares of MarketAxess Holdings from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. Raymond James Financial, Inc. lifted their target price on shares of MarketAxess Holdings from $216.00 to $219.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $210.00 target price on shares of MarketAxess Holdings in a report on Friday, July 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. MarketAxess Holdings currently has a consensus rating of “Buy” and an average price target of $192.40.
Shares of MarketAxess Holdings (MKTX) traded up 0.89% during mid-day trading on Thursday, reaching $185.67. 59,503 shares of the company traded hands. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 48.83 and a beta of 0.71. The firm has a 50-day moving average price of $184.73 and a 200 day moving average price of $190.93. MarketAxess Holdings has a 52 week low of $145.10 and a 52 week high of $211.06.
MarketAxess Holdings (NASDAQ:MKTX) last posted its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.08. MarketAxess Holdings had a net margin of 37.46% and a return on equity of 30.38%. The company had revenue of $97.31 million during the quarter, compared to analyst estimates of $96.42 million. During the same period last year, the firm posted $0.88 EPS. MarketAxess Holdings’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts anticipate that MarketAxess Holdings will post $4.07 earnings per share for the current year.
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In other news, CEO Richard M. Mcvey sold 20,000 shares of MarketAxess Holdings stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $198.63, for a total transaction of $3,972,600.00. Following the completion of the transaction, the chief executive officer now directly owns 1,108,142 shares of the company’s stock, valued at approximately $220,110,245.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.02% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. BlackRock Inc. grew its stake in MarketAxess Holdings by 2.1% in the 2nd quarter. BlackRock Inc. now owns 3,063,588 shares of the financial services provider’s stock valued at $616,087,000 after acquiring an additional 62,914 shares during the period. Vanguard Group Inc. grew its stake in MarketAxess Holdings by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 2,894,267 shares of the financial services provider’s stock valued at $582,038,000 after acquiring an additional 38,702 shares during the period. Baillie Gifford & Co. grew its stake in MarketAxess Holdings by 5.1% in the 2nd quarter. Baillie Gifford & Co. now owns 2,752,949 shares of the financial services provider’s stock valued at $553,618,000 after acquiring an additional 134,588 shares during the period. State Street Corp grew its stake in MarketAxess Holdings by 0.4% in the 2nd quarter. State Street Corp now owns 984,978 shares of the financial services provider’s stock valued at $198,075,000 after acquiring an additional 4,168 shares during the period. Finally, Franklin Resources Inc. grew its stake in MarketAxess Holdings by 8.4% in the 2nd quarter. Franklin Resources Inc. now owns 869,065 shares of the financial services provider’s stock valued at $174,782,000 after acquiring an additional 67,254 shares during the period. 91.20% of the stock is owned by hedge funds and other institutional investors.
MarketAxess Holdings Company Profile
MarketAxess Holdings Inc operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments using its trading technology. Institutional investor and broker-dealer firms are users of trading platform, accessing global liquidity in the United States corporate bonds, emerging markets and high-yield bonds, European bonds, the United States agency bonds, municipal bonds, credit default swaps and other fixed-income securities.
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