MarketAxess Holdings Inc. (NASDAQ:MKTX – Get Rating) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totalling 750,300 shares, a drop of 15.4% from the August 31st total of 887,000 shares. Currently, 2.1% of the company's stock are sold short. Based on an average daily trading volume, of 361,700 shares, the days-to-cover ratio is presently 2.1 days.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of MKTX. Standard Family Office LLC acquired a new position in MarketAxess during the first quarter worth about $27,000. Desjardins Global Asset Management Inc. acquired a new position in MarketAxess during the second quarter worth about $27,000. Parkside Financial Bank & Trust grew its holdings in MarketAxess by 250.0% during the second quarter. Parkside Financial Bank & Trust now owns 140 shares of the financial services provider's stock worth $36,000 after acquiring an additional 100 shares during the period. First Horizon Advisors Inc. grew its holdings in MarketAxess by 1,345.5% during the second quarter. First Horizon Advisors Inc. now owns 159 shares of the financial services provider's stock worth $40,000 after acquiring an additional 148 shares during the period. Finally, Parallel Advisors LLC grew its holdings in MarketAxess by 47.0% during the second quarter. Parallel Advisors LLC now owns 194 shares of the financial services provider's stock worth $50,000 after acquiring an additional 62 shares during the period. 95.62% of the stock is owned by institutional investors and hedge funds.
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Analyst Ratings Changes
MKTX has been the subject of a number of recent analyst reports. Piper Sandler decreased their price target on shares of MarketAxess from $300.00 to $285.00 and set a "neutral" rating for the company in a research report on Friday, July 1st. Atlantic Securities raised their price objective on MarketAxess from $280.00 to $290.00 and gave the stock a "neutral" rating in a research note on Friday, August 19th. Morgan Stanley reduced their price objective on MarketAxess from $338.00 to $325.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 19th. Rosenblatt Securities started coverage on MarketAxess in a research note on Wednesday, August 17th. They set a "sell" rating and a $231.00 price objective on the stock. Finally, Credit Suisse Group reduced their price objective on MarketAxess from $305.00 to $288.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 7th. One investment analyst has rated the stock with a sell rating and nine have issued a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $306.33.
MarketAxess Stock Performance
MKTX stock opened at $222.49 on Monday. The stock has a market capitalization of $8.37 billion, a price-to-earnings ratio of 34.87 and a beta of 0.61. MarketAxess has a 1 year low of $217.44 and a 1 year high of $434.14. The stock's fifty day moving average is $254.06 and its two-hundred day moving average is $271.62.
MarketAxess (NASDAQ:MKTX – Get Rating) last posted its earnings results on Wednesday, July 20th. The financial services provider reported $1.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.71 by $0.07. The company had revenue of $182.20 million for the quarter, compared to analysts' expectations of $185.24 million. MarketAxess had a return on equity of 23.55% and a net margin of 34.77%. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the business posted $1.77 earnings per share. As a group, analysts predict that MarketAxess will post 6.62 EPS for the current fiscal year.
MarketAxess Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Stockholders of record on Wednesday, August 3rd were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date was Tuesday, August 2nd. MarketAxess's dividend payout ratio (DPR) is 43.89%.
About MarketAxess
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MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities.
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