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Zacks #1 Stocks on the Move 06/19/2013
| Company Name | Symbol | %Change |
|---|---|---|
| SONIC FOUNDR | SOFO | 4.40% |
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| GREEN MOUNTA | GMCR | 3.13% |
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Company Description
MarketAxess Holdings, Inc. operates as an electronic trading platform that enables investment industry professionals to trade corporate bonds and other fixed-income products. The company was founded in 2000 and has a market cap of $1.08 billion.
With trading volumes spiking on recent market volatility, MarkerAxess has been doing well in a tough market. That showed up on October 26 when the company reported strong Q3 results that came in well ahead of expectations.
Third-Quarter Results
Revenue for the period was up 24% from last year to $47 million. Earnings also came in strong at 34 cents, 21% ahead of the Zacks Consensus Estimate, where the company has an average earnings surprise of 17% over the last four quarters.
The good quarter was driven by increased trading volume, where commission revenue was up 29% from last year to $40 million.
Financial Profile
MarketAxess has used its earnings momentum to strengthen its balance sheet, with cash and equivalents up $49 million from last year to $158 million while total debt fell $44 million to $19 million.
Estimates
We saw some solid movement in estimates off the good quarter, with the current year adding 9 cents to $1.23 while the next-year estimate added 26 cents to $1.45, a bullish 18% growth projection.
Valuation
With a PEG ratio of 1.33, MKTX trades at a premium to the benchmark of 1 for value.
12-Month Chart
On the chart, shares jumped into a new all-time high in early November on the good quarter. Look for support from the trend line on any weakness, take a look below.
Michael Vodicka is the Momentum Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Whisper Trader Service.
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