Investment Technology Group (NYSE:ITG) saw strong trading volume on Thursday after the company announced better than expected quarterly earnings. 86,905 shares were traded during mid-day trading, a decline of 72% from the previous session’s volume of 311,237 shares.The stock last traded at $30.11 and had previously closed at $30.05.
The financial services provider reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.02. The firm had revenue of $120.77 million during the quarter, compared to analysts’ expectations of $119.97 million. Investment Technology Group had a positive return on equity of 5.29% and a negative net margin of 9.58%.
A number of equities analysts have weighed in on the company. Zacks Investment Research cut Investment Technology Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 14th. JPMorgan Chase & Co. upgraded Investment Technology Group from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $24.00 to $25.00 in a report on Thursday, August 9th. Finally, ValuEngine upgraded Investment Technology Group from a “hold” rating to a “buy” rating in a report on Thursday, October 4th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $25.00.
The company has a market cap of $915.45 million, a P/E ratio of 100.27 and a beta of 1.12. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.01.
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About Investment Technology Group (NYSE:ITG)
Investment Technology Group, Inc operates as a financial technology company in the United States, Canada, Europe, and the Asia Pacific. The company offers various solutions for asset managers and broker-dealers in the areas of execution services, workflow technology, and analytics that provide trade execution services and solutions for portfolio management, as well as pre-trade analytics, and post-trade analytics and processing.
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