Zacks Investment Research downgraded shares of Investment Technology Group (NYSE:ITG) from a hold rating to a sell rating in a research note published on Wednesday morning.
According to Zacks, “Investment Technology Group is one of the leading providers of technology-based equity trading services and transaction research to institutional investors and brokers. ITG’s services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. They offer a fully-integrated family of advanced trading services encompassing three business lines: POSIT, Client-Site Trading Products, and Electronic Trading Desk. “
Separately, ValuEngine downgraded shares of Investment Technology Group from a hold rating to a sell rating in a report on Tuesday, November 7th. Three research analysts have rated the stock with a sell rating and one has issued a hold rating to the company. The stock presently has a consensus rating of Sell and an average target price of $23.00.
Investment Technology Group (NYSE:ITG) last released its quarterly earnings data on Wednesday, November 1st. The financial services provider reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.14). Investment Technology Group had a positive return on equity of 2.92% and a negative net margin of 6.57%. The business had revenue of $114.50 million for the quarter, compared to analyst estimates of $112.50 million. During the same quarter in the previous year, the company posted ($0.08) EPS. The business’s quarterly revenue was up 9.9% on a year-over-year basis. equities analysts forecast that Investment Technology Group will post 0.23 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of ITG. C M Bidwell & Associates Ltd. bought a new stake in shares of Investment Technology Group in the 2nd quarter worth $159,000. SG Americas Securities LLC bought a new stake in shares of Investment Technology Group in the 3rd quarter worth $179,000. Crossmark Global Holdings Inc. bought a new stake in shares of Investment Technology Group in the 3rd quarter worth $228,000. Trexquant Investment LP bought a new stake in shares of Investment Technology Group in the 3rd quarter worth $275,000. Finally, Municipal Employees Retirement System of Michigan grew its stake in shares of Investment Technology Group by 67.4% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 12,470 shares of the financial services provider’s stock worth $276,000 after acquiring an additional 5,020 shares in the last quarter. Hedge funds and other institutional investors own 86.57% of the company’s stock.
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About Investment Technology Group
Investment Technology Group, Inc (ITG) is a financial technology company that helps brokers and asset managers improve returns for investors around the world. The Company operates through four segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations. These four segments provide categories of products and services, such as Execution Services, Workflow Technology and Analytics.
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