MarketAxess Holdings (MKTX)

• Market cap: $10.1B
• 1 day: 2.17%
• 5 days: -1.84%
• 1 month: -7.44%
• 3 months: 13.66%
• 6 months: 23.93%
• Year to date: -6.67%
• 1 year: 16.97%
• 5 years: -31.37%
• 10 years: 321.72%
• Sector: Financials
• Industry: Security Brokers, Dealers & Flotation Companies

About: Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being US investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Borse Group in 2020 adding to its product offerings.

Employees: 881

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

67% more first-time investments, than exits

New positions opened: 87 | Existing positions closed: 52

33% more funds holding in top 10

Funds holding in top 10: 3 [Q2] → 4 (+1) [Q3]

23% more capital invested

Capital invested by funds: $7.53B [Q2] → $9.28B (+$1.75B) [Q3]

8% more funds holding

Funds holding: 458 [Q2] → 493 (+35) [Q3]

2% more call options, than puts

Call options by funds: $20.4M | Put options by funds: $19.9M

3.69% less ownership

Funds ownership: 99.11% [Q2] → 95.42% (-3.69%) [Q3]

21% less repeat investments, than reductions

Existing positions increased: 151 | Existing positions reduced: 190

Research analyst outlook

10 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $185 31% downside
• Avg. target: $273 2% upside
• High target: $335 25% upside

10 analyst ratings

• positive: 2 20%
• neutral: 7 70%
• negative: 1 10%

Deutsche Bank Brian Bedell 83% 1-year accuracy 29 / 35 met price target	1% downside $264	Hold Maintained	11 Nov 2024
UBS Alex Kramm 92% 1-year accuracy 11 / 12 met price target	25% upside $335	Buy Maintained	7 Nov 2024
Keefe, Bruyette & Woods Kyle Voigt 90% 1-year accuracy 9 / 10 met price target	3% upside $276	Market Perform Maintained	7 Nov 2024
Piper Sandler Patrick Moley 84% 1-year accuracy 21 / 25 met price target	1% downside $265	Neutral Reiterated	7 Nov 2024
Morgan Stanley Michael Cyprys 50% 1-year accuracy 12 / 24 met price target	17% upside $314	Equal-Weight Maintained	17 Oct 2024