ITG (NASDAQ:ITG) Stock Gets Price Target Reduction from Morgan Stanley

ITG (NASDAQ:ITG) had its target price reduced by Morgan Stanley from $18.00 to $9.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also issued reports on ITG. Zacks Research raised shares of ITG to a “hold” rating in a report on Tuesday, July 28th. Citigroup decreased their target price on shares of ITG from $17.00 to $9.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. Weiss Ratings initiated coverage on ITG in a report on Friday, September 25th. They set a “sell (e-)” rating for the company. KeyCorp reduced their price target on shares of ITG from $17.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, October 15th. Finally, Stifel Nicolaus lowered their target price on ITG from $16.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ITG has an average rating of “Moderate Buy” and a consensus target price of $12.00.

ITG Price Performance

NASDAQ ITG traded up $0.38 during mid-day trading on Thursday, hitting $5.68. The stock had a trading volume of 1,652,234 shares, compared to its average volume of 834,312. The stock’s 50 day moving average is $7.93. ITG has a twelve month low of $4.11 and a twelve month high of $19.26. The company has a debt-to-equity ratio of 23.48, a current ratio of 2.80 and a quick ratio of 2.80. The company has a market capitalization of $705.23 million and a PE ratio of 71.00.

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

Institutional Inflows and Outflows

A hedge fund recently bought a new position in ITG stock. State Street Corp purchased a new position in shares of ITG Inc. (NASDAQ:ITG) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 271,008 shares of the company’s stock, valued at approximately $2,107,000. State Street Corp owned approximately 0.22% of ITG as of its most recent SEC filing.

ITG News Roundup

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

• Positive Sentiment: Despite lowering its target to $11 from $14, Truist reaffirmed its Buy rating. The new target remains well above the $5.68 reference price. Truist Cuts Price Target on ITG to $11 From $14, Keeps Buy Rating
• 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

ITG Company Profile

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.