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Valued at $8.4 billion by market cap, New York-based MarketAxess Holdings Inc. (MKTX) operates an electronic trading platform for institutional investors and broker-dealer companies worldwide. It focuses on expanding liquidity opportunities, improving execution quality, and cost savings across global fixed-income markets.
Companies worth between $2 billion and $10 billion are generally described as "mid-cap stocks." MarketAxess fits right into that category, reflecting its significant presence and influence in the capital markets industry.
MarketAxess touched its 52-week high of $296.68 on Oct. 30, 2024, and is currently trading 24.8% below that peak. Meanwhile, the stock has gained 4.6% over the past three months, lagging behind the Nasdaq Composite’s ($NASX) 9.3% surge during the same time frame.
MKTX stock has dipped 1.3% on a YTD basis, lagging behind Nasdaq’s 3.4% uptick in 2025. However, MKTX stock is up 15% over the past 52 weeks, slightly outperforming NASX’s 12.7% surge during the same time frame.
To confirm the recent downturn, MKTX stock traded below its 50-day moving average between mid-November 2024 and early March. Moreover, the stock has remained below its 200-day moving average since mid-December last year.
MarketAxess Holdings’ stock prices observed a marginal dip following the release of its Q1 results on May 7. While emerging markets and eurobonds' average daily volumes and revenues observed a solid growth during the quarter, US credit commission revenues for the quarter experienced a notable drop. This led to a marginal 83 bps year-over-year drop in total revenues to $208.6 million. The company’s general, admin, and other operating expenses observed a notable increase, leading to a 2.6% decrease in adjusted EPS to $1.87. However, this figure surpassed the consensus estimates by 2.8%.
Meanwhile, MarketAxess has significantly underperformed its peer Tradeweb Markets Inc.’s (TW) 10% gains on a YTD basis and 38.7% surge over the past 52 weeks.
Among the 14 analysts covering the MKTX stock, the consensus rating is a “Moderate Buy.” Its mean price target of $238.83 suggests a 7% upside potential from current price levels.
