MarketAxess Holdings (MKTX)

• Market cap: $8.31B
• 1 day: -0.54%
• 5 days: 2.95%
• 1 month: -6.13%
• 3 months: -24.17%
• 6 months: -1.83%
• Year to date: -2.13%
• 1 year: -16.67%
• 5 years: -40.25%
• 10 years: 205.57%
• 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)

115% more first-time investments, than exits

New positions opened: 88 | Existing positions closed: 41

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: $7.66B [Q2] → $9.45B (+$1.79B) [Q3]

9% more funds holding

Funds holding: 458 [Q2] → 498 (+40) [Q3]

2% more call options, than puts

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

3.67% less ownership

Funds ownership: 100.85% [Q2] → 97.18% (-3.67%) [Q3]

21% less repeat investments, than reductions

Existing positions increased: 152 | Existing positions reduced: 193

Research analyst outlook

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

• Low target: $240 9% upside
• Avg. target: $269 22% upside
• High target: $335 52% upside

5 analyst ratings

• positive: 1 20%
• neutral: 4 80%
• negative: 0 0%

Keefe, Bruyette & Woods Kyle Voigt 74% 1-year accuracy 20 / 27 met price target	14% upside $251	Market Perform Maintained	13 Jan 2025
Barclays Benjamin Budish 77% 1-year accuracy 88 / 115 met price target	16% upside $256	Equal-Weight Maintained	13 Jan 2025
Piper Sandler Patrick Moley 80% 1-year accuracy 35 / 44 met price target	9% upside $240	Neutral Maintained	7 Jan 2025
Deutsche Bank Brian Bedell 77% 1-year accuracy 33 / 43 met price target	20% upside $264	Hold Maintained	11 Nov 2024
UBS Alex Kramm 77% 1-year accuracy 10 / 13 met price target	52% upside $335	Buy Maintained	7 Nov 2024