Barclays Slashes Estimates on Knight Capital Group (KCG); Closer Look Into Volumes
Tweet
Share
E-mailGet Alerts KCG Hot Sheet
Price: $20.00 --0%
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Barclays maintains an 'Equalweight' on Knight Capital Group (NYSE: KCG) price target of $3.00.
Analyst, Roger A. Freeman, said, "KCG reported average dollar value traded in July of $19.0bn vs. $19.5bn in June (down 2% sequentially). This compares to a 12% decrease in overall industry market volumes in terms of shares and a 10% decrease in terms of dollar volumes. QTD volumes through July (before the early August trading loss) are running approximately 9% below 2Q12 levels, but well above our prior estimate of $14.4bn."
"Our $14.4bn estimate implied a marked, and somewhat persistent, drop in volume through the month of August, following KCG's loss. That being said, we believe trends have actually been better than we expected since the loss, with the company pointing to regaining a good portion of the market share it held prior to the loss. As such, we are increasing our average dollar volume traded estimate from $14.4bn to $17.8bn for 3Q12."
Barclays slashes FY12 EPS Estimate from $0.33 to (1.03), but raises FY13 from $0.21 to $0.22.
For an analyst ratings summary and ratings history on Knight Capital Group click here. For more ratings news on Knight Capital Group click here.
Shares of Knight Capital Group closed at $2.99 yesterday.
Analyst, Roger A. Freeman, said, "KCG reported average dollar value traded in July of $19.0bn vs. $19.5bn in June (down 2% sequentially). This compares to a 12% decrease in overall industry market volumes in terms of shares and a 10% decrease in terms of dollar volumes. QTD volumes through July (before the early August trading loss) are running approximately 9% below 2Q12 levels, but well above our prior estimate of $14.4bn."
"Our $14.4bn estimate implied a marked, and somewhat persistent, drop in volume through the month of August, following KCG's loss. That being said, we believe trends have actually been better than we expected since the loss, with the company pointing to regaining a good portion of the market share it held prior to the loss. As such, we are increasing our average dollar volume traded estimate from $14.4bn to $17.8bn for 3Q12."
Barclays slashes FY12 EPS Estimate from $0.33 to (1.03), but raises FY13 from $0.21 to $0.22.
For an analyst ratings summary and ratings history on Knight Capital Group click here. For more ratings news on Knight Capital Group click here.
Shares of Knight Capital Group closed at $2.99 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'
- Freedom Broker Upgrades Serve Robotics (SERV) to Buy
- JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Retail SalesRelated Entities
BarclaysSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
