MarketAxess (NASDAQ:MKTX) Trading Down 8.8% - Time to Sell?

Key Points

• MarketAxess Holdings Inc. (NASDAQ:MKTX) experienced an 8.8% drop in stock price during mid-day trading, with shares trading as low as $190.00 before ending at $189.48.
• Analysts have mixed opinions on the stock, with a consensus rating of "Hold" and an average price target of $240.67, indicating potential volatility in its performance.
• The company reported earnings of $2.00 EPS, exceeding analysts' estimates and showing a 11% year-over-year revenue increase.

MarketAxess Holdings Inc. (NASDAQ:MKTX - Get Free Report) was down 8.8% during mid-day trading on Wednesday . The stock traded as low as $190.00 and last traded at $189.48. Approximately 329,581 shares traded hands during trading, a decline of 42% from the average daily volume of 572,688 shares. The stock had previously closed at $207.81.

Analyst Ratings Changes

MKTX has been the topic of a number of research analyst reports. UBS Group restated a "buy" rating and issued a $295.00 price target on shares of MarketAxess in a research note on Tuesday, July 8th. Piper Sandler reiterated a "neutral" rating and issued a $204.00 price objective (up previously from $202.00) on shares of MarketAxess in a report on Tuesday, July 15th. Citigroup raised their price objective on shares of MarketAxess from $250.00 to $265.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wall Street Zen cut shares of MarketAxess from a "hold" rating to a "sell" rating in a research report on Sunday, July 20th. Finally, Barclays decreased their target price on MarketAxess from $240.00 to $237.00 and set an "equal weight" rating for the company in a research note on Thursday, July 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $240.67.

MarketAxess Price Performance

The business has a 50 day moving average price of $217.32 and a two-hundred day moving average price of $214.24. The stock has a market cap of $7.07 billion, a PE ratio of 32.85, a price-to-earnings-growth ratio of 2.76 and a beta of 0.84.

MarketAxess (NASDAQ:MKTX - Get Free Report) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.91 by $0.09. MarketAxess had a net margin of 26.57% and a return on equity of 19.93%. The company's revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.72 EPS. On average, sell-side analysts forecast that MarketAxess Holdings Inc. will post 7.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MarketAxess

Institutional investors have recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. increased its holdings in MarketAxess by 1.1% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,323,015 shares of the financial services provider's stock worth $502,585,000 after acquiring an additional 24,606 shares in the last quarter. FMR LLC lifted its stake in shares of MarketAxess by 17.4% in the 4th quarter. FMR LLC now owns 2,300,536 shares of the financial services provider's stock valued at $520,013,000 after purchasing an additional 341,493 shares during the last quarter. Invesco Ltd. lifted its stake in shares of MarketAxess by 12.4% in the 4th quarter. Invesco Ltd. now owns 1,044,360 shares of the financial services provider's stock valued at $236,067,000 after purchasing an additional 115,186 shares during the last quarter. Findlay Park Partners LLP lifted its stake in shares of MarketAxess by 1.4% in the 1st quarter. Findlay Park Partners LLP now owns 680,000 shares of the financial services provider's stock valued at $147,118,000 after purchasing an additional 9,100 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in MarketAxess by 329.4% during the 1st quarter. Millennium Management LLC now owns 618,922 shares of the financial services provider's stock worth $133,904,000 after acquiring an additional 474,776 shares in the last quarter. Hedge funds and other institutional investors own 99.01% of the company's stock.

About MarketAxess

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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