Intercontinental Exchange, Inc. (NYSE:ICE) Sees Large Growth in Short Interest

Intercontinental Exchange, Inc. (NYSE:ICE) was the target of a significant growth in short interest in November. As of November 30th, there was short interest totalling 7,060,000 shares, a growth of 9.1% from the November 15th total of 6,470,000 shares. Based on an average daily trading volume, of 2,980,000 shares, the days-to-cover ratio is presently 2.4 days.

Intercontinental Exchange Stock Down 0.4 %

Shares of NYSE ICE opened at $154.58 on Tuesday. The company’s 50 day moving average price is $159.80 and its 200-day moving average price is $153.68. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.00 and a current ratio of 1.00. Intercontinental Exchange has a 52-week low of $122.31 and a 52-week high of $167.99. The company has a market capitalization of $88.76 billion, a P/E ratio of 36.63, a price-to-earnings-growth ratio of 2.61 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE) last released its earnings results on Thursday, October 31st. The financial services provider reported $1.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.55. Intercontinental Exchange had a net margin of 21.31% and a return on equity of 12.75%. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the business earned $1.46 earnings per share. Intercontinental Exchange’s revenue for the quarter was up 17.3% on a year-over-year basis. Equities analysts forecast that Intercontinental Exchange will post 6.07 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel Andrew J. Surdykowski sold 2,048 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $159.57, for a total transaction of $326,799.36. Following the completion of the sale, the general counsel now owns 44,865 shares of the company’s stock, valued at approximately $7,159,108.05. This represents a 4.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Benjamin Jackson sold 5,828 shares of Intercontinental Exchange stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $160.00, for a total transaction of $932,480.00. Following the completion of the transaction, the president now directly owns 156,163 shares in the company, valued at $24,986,080. This trade represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,901 shares of company stock valued at $1,582,542 over the last 90 days. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intercontinental Exchange

Institutional investors and hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank lifted its stake in Intercontinental Exchange by 1.6% in the third quarter. Toronto Dominion Bank now owns 310,560 shares of the financial services provider’s stock valued at $49,888,000 after buying an additional 4,973 shares during the period. GDS Wealth Management increased its stake in shares of Intercontinental Exchange by 5.3% in the 3rd quarter. GDS Wealth Management now owns 103,412 shares of the financial services provider’s stock valued at $16,612,000 after acquiring an additional 5,226 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of Intercontinental Exchange during the 3rd quarter valued at $14,880,000. Main Management ETF Advisors LLC bought a new position in Intercontinental Exchange during the third quarter worth $873,000. Finally, Nomura Asset Management Co. Ltd. boosted its stake in Intercontinental Exchange by 6.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 169,270 shares of the financial services provider’s stock worth $27,192,000 after acquiring an additional 10,399 shares in the last quarter. Institutional investors own 89.30% of the company’s stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of a number of research reports. Barclays increased their target price on shares of Intercontinental Exchange from $173.00 to $187.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Piper Sandler increased their price objective on shares of Intercontinental Exchange from $170.00 to $180.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Raymond James cut shares of Intercontinental Exchange from a “strong-buy” rating to an “outperform” rating and set a $185.00 target price on the stock. in a research note on Monday, October 14th. StockNews.com upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Thursday, December 5th. Finally, JPMorgan Chase & Co. boosted their price objective on Intercontinental Exchange from $171.00 to $188.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Intercontinental Exchange has a consensus rating of “Moderate Buy” and an average target price of $175.07.

About Intercontinental Exchange

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.