ITG Inc. (NASDAQ:ITG) Sees Significant Growth in Short Interest

Key Points

• Short interest surged 209.3% to 1.76 million shares as of September 30, representing approximately 1.5% of ITG’s outstanding stock and 2.2 days to cover.
• ITG shares opened at $7.57, well below the 50-day moving average of $11.55 and near the company’s $6.55 one-year low. The company reported a quarterly loss of $0.08 per share on $333.92 million in revenue.
• Analyst sentiment remained broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $17.22, despite one sell rating.

ITG Inc. (NASDAQ:ITG - Get Free Report) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totaling 1,758,379 shares, a growth of 209.3% from the September 15th total of 568,503 shares. Approximately 1.5% of the company's stock are short sold. Based on an average daily volume of 809,983 shares, the days-to-cover ratio is currently 2.2 days.

ITG Price Performance

Shares of ITG stock opened at $7.57 on Monday. The stock's fifty day simple moving average is $11.55. ITG has a 1-year low of $6.55 and a 1-year high of $19.26. The stock has a market cap of $939.89 million and a P/E ratio of 94.62. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 23.48.

ITG (NASDAQ:ITG - Get Free Report) last released its quarterly earnings results on Monday, June 22nd. The company reported ($0.08) EPS for the quarter. The business had revenue of $333.92 million during the quarter. As a group, equities research analysts anticipate that ITG will post 0.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ITG shares. Robert W. Baird assumed coverage on shares of ITG in a report on Monday, July 27th. They issued an "outperform" rating and a $19.00 price target on the stock. UBS Group began coverage on shares of ITG in a research report on Monday, July 27th. They issued a "buy" rating and a $18.00 price objective on the stock. Weiss Ratings initiated coverage on shares of ITG in a research note on Friday, September 25th. They set a "sell (e-)" rating for the company. Citigroup started coverage on shares of ITG in a research report on Monday, July 27th. They set a "buy" rating and a $17.00 target price for the company. Finally, Stifel Nicolaus assumed coverage on shares of ITG in a research note on Monday, July 27th. They issued a "buy" rating and a $16.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.22.

About ITG

Investment Technology Group, Inc NASDAQ: ITG was a financial technology and brokerage company that provided electronic trading, transaction research and investment technology services to institutional investors. Its offerings were designed to help asset managers, hedge funds and other professional investors execute trades, analyze market activity and manage trading costs.

ITG operated trading platforms and alternative trading systems, including POSIT, an electronic crossing network that matched buy and sell orders.

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