StoneX Group (NASDAQ:SNEX) Stock Price Down 7.6% – Here’s What Happened

Shares of StoneX Group Inc. (NASDAQ:SNEX) traded down 7.6% during mid-day trading on Wednesday. The company traded as low as $61.22 and last traded at $60.9580. 541,399 shares were traded during mid-day trading, a decline of 50% from the average session volume of 1,072,947 shares. The stock had previously closed at $66.00.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SNEX. Wall Street Zen cut StoneX Group from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research cut shares of StoneX Group from a “strong-buy” rating to a “hold” rating in a research note on Monday. Jefferies Financial Group downgraded StoneX Group from a “buy” rating to a “hold” rating and reduced their price target for the stock from $123.00 to $112.00 in a report on Monday, July 20th. Finally, Weiss Ratings cut StoneX Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $112.00.

StoneX Group Trading Down 7.6%

The stock has a market cap of $7.35 billion, a PE ratio of 14.60 and a beta of 0.62. The company has a 50 day moving average of $68.54 and a two-hundred day moving average of $71.77. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.39 and a current ratio of 1.82.

StoneX Group (NASDAQ:SNEX) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.14. The firm had revenue of $39.71 billion for the quarter, compared to analyst estimates of $1.32 billion. StoneX Group had a net margin of 0.33% and a return on equity of 20.18%. Sell-side analysts anticipate that StoneX Group Inc. will post 4.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Philip Smith sold 56,250 shares of the stock in a transaction on Monday, September 28th. The stock was sold at an average price of $65.69, for a total transaction of $3,695,062.50. Following the completion of the transaction, the chief executive officer directly owned 738,216 shares in the company, valued at approximately $48,493,409.04. This represents a 7.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO William J. Dunaway sold 96,490 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $66.35, for a total transaction of $6,402,111.50. Following the transaction, the chief financial officer directly owned 502,203 shares of the company’s stock, valued at approximately $33,321,169.05. This trade represents a 16.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 731,928 shares of company stock worth $51,626,582. 11.79% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SNEX. BlackRock Inc. acquired a new position in StoneX Group during the 2nd quarter worth about $1,343,877,000. Dimensional Fund Advisors LP raised its position in StoneX Group by 50.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,107,795 shares of the company’s stock valued at $169,976,000 after purchasing an additional 704,493 shares in the last quarter. Wasatch Advisors LP purchased a new position in shares of StoneX Group in the 2nd quarter valued at about $139,730,000. Van Berkom & Associates Inc. increased its stake in shares of StoneX Group by 21.1% during the first quarter. Van Berkom & Associates Inc. now owns 1,384,258 shares of the company’s stock worth $111,640,000 after buying an additional 240,749 shares during the period. Finally, Punch & Associates Investment Management Inc. purchased a new position in StoneX Group in the second quarter worth approximately $82,250,000. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

About StoneX Group

StoneX Group Inc is a global financial services company that provides execution, clearing, custody, payments, market intelligence and risk-management solutions. Through its businesses, the company serves commercial and institutional clients, asset managers, broker-dealers, government and nonprofit organizations, and retail investors.

StoneX offers access to a broad range of markets and products, including equities, fixed income, foreign exchange, commodities, futures and options. Its services include institutional trading and clearing, physical commodities and hedging solutions, global payments, securities financing, wealth-management support and online trading for individual investors.

The company operates through a global network serving clients across North America, Latin America, Europe, Asia and other international markets.