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MarketAxess (MKTX) Soars 5.8%: Is Further Upside Left in the Stock?
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MarketAxess (MKTX - Free Report) shares rallied 5.8% in the last trading session to close at $238.73. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.7% loss over the past four weeks.
MarketAxess extended its rally for the third straight day, driven by optimism over increased adoption of its new trading platform, MarketAxess X-Pro. USB analyst Alex Kramm also initiated coverage of the stock, with a Buy rating, which further pushed the stock upward.
Additionally, an 18.2% rise in third-quarter Eurobonds' Average Daily Volume has further enhanced the company's potential to exceed earnings expectations in the third quarter. September’s final week being the second strongest credit trading volume week ever, coupled with the company’s expectation of an increase in credit market volatility in the future quarters, further led to optimism in the investor community regarding MKTX’s capability to tap business opportunities.
This operator of bond trading platforms is expected to post quarterly earnings of $1.69 per share in its upcoming report, which represents a year-over-year change of +7%. Revenues are expected to be $184.76 million, up 7.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For MarketAxess, the consensus EPS estimate for the quarter has been revised 3.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on MKTX going forward to see if this recent jump can turn into more strength down the road.
MarketAxess is part of the Zacks Securities and Exchanges industry. OTC Markets Group Inc. (OTCM - Free Report) , another stock in the same industry, closed the last trading session 2.7% lower at $50.12. OTCM has returned -7% in the past month.
OTC Markets Group Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.61. Compared to the company's year-ago EPS, this represents a change of +1.7%. OTC Markets Group Inc. currently boasts a Zacks Rank of #4 (Sell).
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MarketAxess (MKTX) Soars 5.8%: Is Further Upside Left in the Stock?
MarketAxess (MKTX - Free Report) shares rallied 5.8% in the last trading session to close at $238.73. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.7% loss over the past four weeks.
MarketAxess extended its rally for the third straight day, driven by optimism over increased adoption of its new trading platform, MarketAxess X-Pro. USB analyst Alex Kramm also initiated coverage of the stock, with a Buy rating, which further pushed the stock upward.
Additionally, an 18.2% rise in third-quarter Eurobonds' Average Daily Volume has further enhanced the company's potential to exceed earnings expectations in the third quarter. September’s final week being the second strongest credit trading volume week ever, coupled with the company’s expectation of an increase in credit market volatility in the future quarters, further led to optimism in the investor community regarding MKTX’s capability to tap business opportunities.
This operator of bond trading platforms is expected to post quarterly earnings of $1.69 per share in its upcoming report, which represents a year-over-year change of +7%. Revenues are expected to be $184.76 million, up 7.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For MarketAxess, the consensus EPS estimate for the quarter has been revised 3.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on MKTX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
MarketAxess is part of the Zacks Securities and Exchanges industry. OTC Markets Group Inc. (OTCM - Free Report) , another stock in the same industry, closed the last trading session 2.7% lower at $50.12. OTCM has returned -7% in the past month.
OTC Markets Group Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.61. Compared to the company's year-ago EPS, this represents a change of +1.7%. OTC Markets Group Inc. currently boasts a Zacks Rank of #4 (Sell).