MarketAxess' (MKTX) Hold (C-) Rating Reaffirmed at Weiss Ratings

Key Points

• MarketAxess (NASDAQ:MKTX) received a "hold (C-)" rating reaffirmed by Weiss Ratings, following other brokerages adjusting their price targets downward.
• The company's latest earnings report revealed earnings of $2.00 per share, exceeding estimates and showing an 11% year-over-year revenue increase.
• MarketAxess stock saw insider selling as executives reduced their holdings, indicating potential concerns about the company's market performance.

MarketAxess (NASDAQ:MKTX - Get Free Report)'s stock had its "hold (c-)" rating restated by equities research analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

A number of other brokerages have also weighed in on MKTX. Jefferies Financial Group dropped their target price on shares of MarketAxess from $217.00 to $208.00 and set a "hold" rating for the company in a research report on Monday, August 11th. Barclays lowered their price objective on shares of MarketAxess from $200.00 to $186.00 and set an "equal weight" rating for the company in a research report on Wednesday. Morgan Stanley lowered their price objective on shares of MarketAxess from $274.00 to $253.00 and set an "overweight" rating for the company in a research report on Wednesday, October 1st. Piper Sandler reiterated a "neutral" rating and set a $204.00 price objective (up previously from $202.00) on shares of MarketAxess in a research report on Tuesday, July 15th. Finally, UBS Group lowered their price objective on shares of MarketAxess from $255.00 to $240.00 and set a "buy" rating for the company in a research report on Tuesday. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $223.55.

MarketAxess Stock Performance

Shares of NASDAQ:MKTX opened at $172.13 on Wednesday. The firm has a fifty day moving average price of $184.47 and a 200 day moving average price of $206.49. MarketAxess has a fifty-two week low of $161.61 and a fifty-two week high of $296.68. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 28.98, a P/E/G ratio of 3.28 and a beta of 0.89.

MarketAxess (NASDAQ:MKTX - Get Free Report) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.94 by $0.06. MarketAxess had a net margin of 26.62% and a return on equity of 20.41%. The firm had revenue of $219.46 million during the quarter, compared to analyst estimates of $218.05 million. During the same quarter in the prior year, the business earned $1.72 earnings per share. MarketAxess's revenue for the quarter was up 11.0% on a year-over-year basis. As a group, research analysts predict that MarketAxess will post 7.79 earnings per share for the current year.

Insider Buying and Selling at MarketAxess

In related news, CRO Kevin M. Mcpherson sold 1,494 shares of the firm's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $185.32, for a total value of $276,868.08. Following the transaction, the executive owned 67,681 shares of the company's stock, valued at $12,542,642.92. This trade represents a 2.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Stephen P. Casper sold 1,600 shares of MarketAxess stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $186.59, for a total transaction of $298,544.00. Following the sale, the director owned 43,208 shares of the company's stock, valued at $8,062,180.72. The trade was a 3.57% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.65% of the company's stock.

Institutional Investors Weigh In On MarketAxess

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MUFG Securities EMEA plc bought a new stake in MarketAxess during the 2nd quarter valued at about $25,000. Geneos Wealth Management Inc. lifted its holdings in MarketAxess by 200.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 120 shares of the financial services provider's stock valued at $26,000 after buying an additional 80 shares in the last quarter. True Wealth Design LLC lifted its holdings in MarketAxess by 992.9% during the 2nd quarter. True Wealth Design LLC now owns 153 shares of the financial services provider's stock valued at $34,000 after buying an additional 139 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in MarketAxess during the 2nd quarter valued at about $37,000. Finally, UMB Bank n.a. increased its position in MarketAxess by 57.4% during the 1st quarter. UMB Bank n.a. now owns 222 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 81 shares during the period. Institutional investors own 99.01% of the company's stock.

MarketAxess Company Profile

MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. The company offers trading technology that provides liquidity access in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S.

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