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

ITG Inc. (NASDAQ:ITG) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 568,503 shares, an increase of 52.0% from the August 31st total of 373,901 shares. Approximately 0.5% of the company’s shares are sold short. Based on an average daily volume of 182,240 shares, the days-to-cover ratio is currently 3.1 days.

Analyst Ratings Changes

Several analysts recently weighed in on ITG shares. KeyCorp assumed coverage on ITG in a report on Monday, July 27th. They set an “overweight” rating and a $17.00 price target on the stock. Zacks Research raised shares of ITG to a “hold” rating in a research note on Tuesday, July 28th. Bank of America began coverage on shares of ITG in a research report on Monday, July 27th. They set a “buy” rating and a $16.00 price objective on the stock. Citigroup started coverage on shares of ITG in a research note on Monday, July 27th. They issued a “buy” rating and a $17.00 target price on the stock. Finally, Stifel Nicolaus initiated coverage on shares of ITG in a report 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 assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.56.

ITG Trading Down 5.4%

ITG opened at $7.36 on Thursday. The company’s 50 day simple moving average is $12.32. ITG has a one year low of $7.06 and a one year high of $19.26.

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

About ITG

Investment Technology Group, Inc (formerly NASDAQ: ITG) was a financial technology and agency brokerage company that provided execution, research and analytics services to institutional investors. The company focused on helping asset managers and other professional investors trade equities and manage transaction costs.

ITG’s offerings included electronic trading platforms, algorithmic order-execution tools, transaction-cost analysis, liquidity management and institutional brokerage services.