ITG (NASDAQ:ITG) Announces Earnings Results

ITG (NASDAQ:ITG) announced its quarterly earnings data on Wednesday. The company reported $0.22 EPS for the quarter, FiscalAI reports. The business had revenue of $461.53 million during the quarter.

Here are the key takeaways from ITG’s conference call:

• Q3 revenue rose 49% year over year to a record, with growth across all business lines; adjusted EBITDA increased 63% and margin expanded 120 basis points to 14%. Management attributed results to organic growth, acquisitions, seasonal project activity, and data center work.
• Next Twelve Month Backlog reached $1.54 billion, up 27% year over year, with about $237 million in new awards during the quarter. Data center work remains a significant opportunity, with roughly $500 million of scoped backlog and additional bids outstanding, though new awards in that market were limited in Q3.
• Management maintained its 2026 growth outlook of 37% for both revenue and adjusted EBITDA, and said it remains confident in its previously communicated 2027 plans. The company cited new-customer wins and work moving from design into construction, while noting that project timing and customer authorizations can affect results.
• Free cash flow was notably negative in Q3, reflecting acquired working capital, seasonal work-in-progress growth, slower invoicing, and higher-than-planned capital spending. Management expects cash flow to improve in Q4 and says positive free cash flow is possible in 2027, but it has not yet provided a formal 2027 forecast.
• Fuel and healthcare costs are pressuring margins, and management said fuel inflation has not been fully recovered through customer pricing. It expects to pursue contract rate adjustments and operational efficiencies, but the timing and extent of any offset remain uncertain.

ITG Trading Up 1.9%

NASDAQ:ITG traded up $0.10 during trading hours on Thursday, reaching $5.23. 421,864 shares of the company were exchanged, compared to its average volume of 516,687. The company has a debt-to-equity ratio of 23.48, a quick ratio of 2.80 and a current ratio of 2.80. The firm has a market cap of $649.34 million and a price-to-earnings ratio of 65.38. ITG has a twelve month low of $4.11 and a twelve month high of $19.26. The stock has a 50-day moving average of $8.23.

Institutional Investors Weigh In On ITG

An institutional investor recently bought a new position in ITG stock. State Street Corp acquired a new position in shares of ITG Inc. (NASDAQ:ITG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 271,008 shares of the company’s stock, valued at approximately $2,107,000. State Street Corp owned about 0.22% of ITG as of its most recent filing with the Securities and Exchange Commission (SEC).

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ITG shares. Weiss Ratings started coverage on ITG in a research report on Friday, September 25th. They set a “sell (e-)” rating on the stock. Morgan Stanley decreased their target price on ITG from $18.00 to $9.00 and set an “overweight” rating for the company in a research report on Thursday. Citigroup dropped their price objective on shares of ITG from $17.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, October 23rd. Wall Street Zen downgraded shares of ITG from a “buy” rating to a “hold” rating in a report on Sunday, October 11th. Finally, KeyCorp decreased their price target on ITG from $13.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.44.

Latest ITG News

Here’s some of the latest news about ITG:

• Positive Sentiment: ITG reported record third-quarter revenue and Adjusted EBITDA, with Adjusted EBITDA up 64% year over year. The company also lifted its fiscal 2026 outlook, projecting approximately 37% growth in both revenue and Adjusted EBITDA. ITG third-quarter results
• Positive Sentiment: Quarterly results included revenue of $461.53 million and EPS of $0.22. A separate report noted a quarterly loss, but highlighted the improvement in Adjusted EBITDA and the raised fiscal outlook. ITG Q3 loss, EBITDA growth and outlook
• Negative Sentiment: Three firms lowered their price targets: KeyCorp cut its target from $13 to $10, Robert W. Baird from $14 to $10, and Morgan Stanley from $18 to $9. All maintained bullish ratings—overweight or outperform—and their new targets still imply substantial upside from the cited $5.26 share price, but the reductions may weigh on sentiment. KeyCorp ratings, Baird ratings, Morgan Stanley ratings

About ITG

Investment Technology Group, Inc. (ITG) was a financial technology and agency brokerage firm serving institutional investors. Its services included trade execution, execution algorithms, trading analytics and tools designed to help clients manage and evaluate their equity trading. ITG’s products included POSIT, an alternative trading system that matched buyers and sellers, and Triton, an execution management system. The company also provided transaction-cost analysis and related research to help clients assess trading performance.