Stifel Nicolaus Has Lowered Expectations for ITG (NASDAQ:ITG) Stock Price

ITG (NASDAQ:ITG) had its target price lowered by equities research analysts at Stifel Nicolaus from $9.00 to $8.00 in a research report issued on Friday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus‘s price objective suggests a potential upside of 40.85% from the company’s previous close.

Several other research analysts have also weighed in on the company. Vertical Research initiated coverage on ITG in a research report on Monday, July 27th. They issued a “buy” rating and a $20.00 target price on the stock. Robert W. Baird reduced their price target on ITG from $14.00 to $10.00 and set an “outperform” rating for the company in a report on Thursday. Zacks Research raised ITG to a “hold” rating in a research note on Tuesday, July 28th. Weiss Ratings assumed coverage on ITG in a research note on Friday, September 25th. They issued a “sell (e-)” rating for the company. Finally, Bank of America dropped their price objective on ITG from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

ITG Stock Up 7.2%

Shares of ITG stock traded up $0.38 on Friday, hitting $5.68. 1,652,234 shares of the company traded hands, compared to its average volume of 834,312. ITG has a 12-month low of $4.11 and a 12-month high of $19.26. 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 company has a market cap of $705.23 million and a P/E ratio of 71.00. The stock’s 50-day moving average is $7.93.

ITG (NASDAQ:ITG) last announced its quarterly earnings data on Wednesday, November 11th. The company reported $0.22 earnings per share (EPS) for the quarter. The firm had revenue of $461.53 million for the quarter. Equities research analysts anticipate that ITG will post 0.54 EPS for the current year.

Institutional Investors Weigh In On ITG

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

ITG News Roundup

These are some of the ITG news items that stood out recently:

• Positive Sentiment: Other firms also retained positive ratings: Stifel kept Buy with an $8 target, Bank of America kept Buy at $13, Baird kept Outperform at $10, and Morgan Stanley kept Overweight at $9. These targets remain above the reference share price. Bank of America Price Target
• Neutral Sentiment: ITG reported quarterly EPS of $0.22 and revenue of $461.53 million. The available report does not provide comparisons with estimates or prior-year results to indicate whether the figures were a surprise. ITG Quarterly Earnings Results
• Negative Sentiment: Multiple target reductions point to weaker analyst expectations: Truist cut to $11 from $14, Stifel to $8 from $9, Bank of America to $13 from $16, KeyCorp to $10 from $13, Baird to $10 from $14, and Morgan Stanley to $9 from $18. These revisions may weigh on sentiment even though the firms retained bullish ratings. Morgan Stanley Price Target Revision

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.