ITG (NASDAQ:ITG) Earns “Buy” Rating from Truist Financial

ITG (NASDAQ:ITG)‘s stock had its “buy” rating reissued by research analysts at Truist Financial in a research report issued on Friday, Benzinga reports. They currently have a $11.00 target price on the stock, down from their prior target price of $14.00. Truist Financial‘s price target would suggest a potential upside of 93.66% from the stock’s previous close.

A number of other research analysts also recently weighed in on ITG. Citigroup lowered their price target on ITG from $17.00 to $9.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. Bank of America reduced their price objective on ITG from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday. Stifel Nicolaus decreased their price objective on ITG from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Friday. Morgan Stanley lowered their target price on ITG from $18.00 to $9.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Wall Street Zen downgraded ITG from a “buy” rating to a “hold” rating in a report on Sunday, October 11th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $12.00.

ITG Stock Performance

Shares of NASDAQ:ITG traded up $0.38 during mid-day trading on Friday, hitting $5.68. The stock had a trading volume of 1,652,234 shares, compared to its average volume of 834,312. The firm’s 50 day simple moving average is $7.93. ITG has a 12-month low of $4.11 and a 12-month high of $19.26. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 23.48. The stock has a market capitalization of $705.23 million and a P/E ratio of 71.00.

ITG (NASDAQ:ITG) last posted 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 for the quarter. On average, equities research analysts predict that ITG will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On ITG

An institutional investor recently bought a new stake in ITG stock. Pictet Asset Management Holding SA acquired a new position in shares of ITG Inc. (NASDAQ:ITG) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 659,623 shares of the company’s stock, valued at approximately $5,129,000. Pictet Asset Management Holding SA owned approximately 0.53% of ITG at the end of the most recent quarter.

Key Headlines Impacting ITG

Investors following ITG have been watching these headlines:

• 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
• 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
• 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.