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Interactive Brokers (IBKR) November DARTs Up on Higher Trading

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Shares of Interactive Brokers Group, Inc. IBKR gained 2.3%, following the release of its Electronic Brokerage segment’s performance metrics for November 2020. The segment, which deals with the clearance and settlement of trades for individual and institutional clients globally, reported a substantial surge in Daily Average Revenue Trades (DARTs) on a year-over-year basis. The rise can be attributed to the significant increase in trading activities owing to the coronavirus pandemic, favorable development regarding the vaccine and the U.S. presidential election results.

Total client DARTs were 2,290,000, surging 179% from November 2019 and increasing 30% from October 2020. On an annualized basis, the company recorded Cleared Average DARTs per customer accounts of 503. This reflects a year-over-year jump of 83% and 27% sequentially.

Total customer accounts climbed 52% from the prior-year month and 3% from October 2020 to 1.04 million. Net new accounts were 29,300, soaring 266% from November 2019 and rising 11% from October 2020.

Interactive Brokers’ total options contracts were 52.86 million, up 88% from November 2019 and 9% from the prior month. Futures contracts climbed 42% on a year-over-year basis but fell 1% from the last month to 11.88 million.

At the end of November 2020, client equity was $268.7 billion, up 61% year over year and 16% sequentially. Also, Interactive Brokers recorded client credits balances of $75.1 billion, up 32% from November 2019 and 5% on a sequential basis. The company’s customer margin loan balance of $33 billion grew 22% from November 2019 and 4% from the prior month.

Over the past six months, shares of Interactive Brokers have gained 22.9% compared with 21.6% growth recorded by the industry it belongs to.

The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Among other discount brokers, LPL Financial Holdings Inc. (LPLA - Free Report) , Charles Schwab (SCHW - Free Report) and Tradeweb Markets Inc. TW are set to report monthly performance metrics in the coming days.

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