Why Marex Group Stock Was Skyrocketing This Week
Brokerage services provider Marex Group (NASDAQ: MRX) proved to be something of a sleeper stock this week. Investors were impressed by the outstanding second-quarter performance of the rather under-the-radar finance sector title, and rewarded it by pushing its stock price well higher. Week to date as of early Friday morning, Marex shares were trading almost 14% higher, according to data compiled by S&P Global Market Intelligence.
For its second quarter, U.K.-based Marex took in revenue of just over $422 million, which was 16% higher on a quarter-over-quarter basis (the company had its IPO in April, and figures for the same period one year ago were unavailable). GAAP net income landed just above $59 million, against the quarter-ago result of almost $44 million. On a non-GAAP (adjusted) per share basis, those figures were a respective $0.90 and $0.69.
Both headline results crushed analyst expectations. On average, pundits following Marex stock were estimating the company would earn less than $349 million in revenue, and net an adjusted profit of $0.57 per share.
Source Fool.com
