Cowen Group Inc (COWN) Sees Unusually-High Trading Volume on Earnings Beat – The Cerbat Gem

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Shares of Cowen Group Inc (NASDAQ:COWN) saw strong trading volume on Friday following a stronger than expected earnings report. 2,222,784 shares changed hands during mid-day trading, an increase of 469% from the previous session’s volume of 390,835 shares.The stock last traded at $15.90 and had previously closed at $13.50.

The financial services provider reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.06. Cowen Group had a negative return on equity of 0.08% and a net margin of 2.89%. The firm earned $114.97 million during the quarter, compared to the consensus estimate of $135.52 million. During the same period last year, the business posted ($0.05) EPS. Cowen Group’s quarterly revenue was up 13.8% on a year-over-year basis.

Separately, Cowen and Company reaffirmed a “neutral” rating and issued a $17.00 price objective (up from $16.00) on shares of Cowen Group in a research note on Wednesday, February 22nd.

Institutional investors have recently added to or reduced their stakes in the stock. Salzhauer Michael increased its position in Cowen Group by 0.4% in the third quarter. Salzhauer Michael now owns 772,004 shares of the financial services provider’s stock valued at $2,802,000 after buying an additional 3,184 shares during the last quarter. North Star Investment Management Corp. increased its position in Cowen Group by 3.6% in the first quarter. North Star Investment Management Corp. now owns 159,242 shares of the financial services provider’s stock valued at $2,381,000 after buying an additional 5,500 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Cowen Group during the fourth quarter valued at $143,000. A.R.T. Advisors LLC purchased a new position in Cowen Group during the fourth quarter valued at $200,000. Finally, Levin Capital Strategies L.P. purchased a new position in Cowen Group during the fourth quarter valued at $217,000.

The firm’s 50-day moving average is $13.83 and its 200-day moving average is $11.66. The stock’s market capitalization is $422.45 million.

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Cowen Group Company Profile

Cowen Group, Inc is a financial services company. The Company provides alternative investment management, investment banking, research, sales and trading, and prime brokerage services. It operates through two segments: alternative investment and broker-dealer. The alternative investment segment includes hedge funds, private equity structures, registered investment companies and listed investment vehicles.

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