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Shares of MarketAxess Holdings Inc. MKTX,
fell 5.2% in Wednesday afternoon trading, enough to pace the S&P 500’s SPX,
declines, after Raymond James analyst Patrick O’Shaughnessy said second quarter trading volumes were disappointed amid “lower volatility”. O’Shaughnessy reiterated the outperformance rating he had on the stock for at least 16 months, but lowered his price target to $ 530 from $ 580 after volumes fell below what he expected previously, “as industry-wide volumes and company market share continued to face headwinds amid lower volatility.” It reduced its estimate of second-quarter earnings to $ 1.69 per share from $ 2.02 and its 2021 EPS outlook to $ 7.57 from $ 8.26. The company reported trading volume of $ 567.0 billion on Tuesday evening, bringing the second quarter total to $ 1.56 trillion. This is down 17.0% from $ 1.88 trillion in the first sequential quarter and 8.3% from $ 1.70 trillion in the same quarter a year ago. The stock has now lost 21.6% year-to-date, while the S&P 500 SPX,
increased by 16.0%.
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