Marex Group plc Ordinary Shares (NASDAQ:MRX) Stock Price Up 14.2% on Earnings Beat

Marex Group plc Ordinary Shares (NASDAQ:MRX) traded up 14.2% during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $69.00 and last traded at $68.43. Approximately 171,535 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 890,838 shares. The stock had previously closed at $59.93.

The company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.28. Marex Group plc Ordinary Shares had a net margin of 15.45% and a return on equity of 28.43%. The firm had revenue of $695.80 million during the quarter. During the same period in the previous year, the firm posted $0.98 EPS. The company’s revenue for the quarter was up 39.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. TD Cowen upped their price objective on shares of Marex Group plc Ordinary Shares from $67.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Weiss Ratings raised shares of Marex Group plc Ordinary Shares from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 27th. Piper Sandler increased their price target on Marex Group plc Ordinary Shares from $55.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods raised their price objective on Marex Group plc Ordinary Shares from $60.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Finally, Barclays lifted their price objective on Marex Group plc Ordinary Shares from $60.00 to $76.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Marex Group plc Ordinary Shares has an average rating of “Buy” and an average target price of $75.14.

Insider Buying and Selling

In related news, insider Thomas Texier sold 1,572 shares of Marex Group plc Ordinary Shares stock in a transaction on Monday, June 1st. The stock was sold at an average price of $53.35, for a total value of $83,866.20. Following the transaction, the insider owned 207,019 shares in the company, valued at approximately $11,044,463.65. This trade represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Hedge Funds Weigh In On Marex Group plc Ordinary Shares

A number of large investors have recently modified their holdings of MRX. SG Americas Securities LLC raised its holdings in shares of Marex Group plc Ordinary Shares by 1,217.4% in the 1st quarter. SG Americas Securities LLC now owns 184,519 shares of the company’s stock worth $8,226,000 after purchasing an additional 170,513 shares during the period. Wasatch Advisors LP grew its holdings in shares of Marex Group plc Ordinary Shares by 452.1% during the 1st quarter. Wasatch Advisors LP now owns 171,109 shares of the company’s stock worth $7,628,000 after purchasing an additional 140,117 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Marex Group plc Ordinary Shares during the 1st quarter worth approximately $445,000. Keybank National Association OH raised its holdings in Marex Group plc Ordinary Shares by 12.7% in the first quarter. Keybank National Association OH now owns 8,862 shares of the company’s stock valued at $395,000 after buying an additional 1,001 shares during the period. Finally, Abel Hall LLC purchased a new position in Marex Group plc Ordinary Shares in the first quarter valued at approximately $214,000.

Marex Group plc Ordinary Shares Price Performance

The firm has a market capitalization of $4.99 billion, a PE ratio of 15.55 and a beta of -0.10. The company has a quick ratio of 1.07, a current ratio of 1.08 and a debt-to-equity ratio of 1.76. The stock’s 50-day moving average is $63.14.

About Marex Group plc Ordinary Shares

Marex Group PLC is a financial services platform, providing liquidity, market access, and infrastructure services to clients in the energy, commodities, and financial markets. The Group’s operating segments are: Clearing, Agency and Execution, Market Making, Hedging and Investment Solutions, and Corporate. Maximum revenue is generated from the Agency and Execution segment, which offers liquidity and execution services to clients mainly in the energy and financial securities markets by connecting buyers and sellers in the energy markets, offering liquidity and risk management solutions for financial markets, and providing clearing, custody, capital introduction, portfolio financing, and outsourced trading services.