Short Interest in BGC Partners, Inc. (NASDAQ:BGCP) Drops By 17.0%

BGC Partners, Inc. (NASDAQ:BGCP) was the recipient of a significant decline in short interest during the month of September. As of September 14th, there was short interest totalling 5,289,710 shares, a decline of 17.0% from the August 31st total of 6,371,924 shares. Approximately 2.1% of the shares of the stock are sold short. Based on an average trading volume of 1,499,262 shares, the days-to-cover ratio is currently 3.5 days.

In other BGC Partners news, Director William J. Moran purchased 10,000 shares of the stock in a transaction that occurred on Thursday, August 2nd. The shares were purchased at an average cost of $11.09 per share, for a total transaction of $110,900.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 32.80% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in BGCP. Raymond James & Associates raised its stake in shares of BGC Partners by 149.8% in the 2nd quarter. Raymond James & Associates now owns 5,583,444 shares of the financial services provider’s stock valued at $63,205,000 after acquiring an additional 3,348,709 shares during the period. Millennium Management LLC raised its stake in shares of BGC Partners by 65.8% in the 1st quarter. Millennium Management LLC now owns 6,079,016 shares of the financial services provider’s stock valued at $81,763,000 after acquiring an additional 2,413,030 shares during the period. Cardinal Capital Management LLC CT raised its stake in shares of BGC Partners by 57.9% in the 1st quarter. Cardinal Capital Management LLC CT now owns 4,912,286 shares of the financial services provider’s stock valued at $66,070,000 after acquiring an additional 1,800,702 shares during the period. Principal Financial Group Inc. raised its stake in shares of BGC Partners by 19.4% in the 1st quarter. Principal Financial Group Inc. now owns 10,797,309 shares of the financial services provider’s stock valued at $145,224,000 after acquiring an additional 1,755,694 shares during the period. Finally, UBS Group AG raised its stake in shares of BGC Partners by 248.2% in the 1st quarter. UBS Group AG now owns 1,519,131 shares of the financial services provider’s stock valued at $20,432,000 after acquiring an additional 1,082,829 shares during the period. 51.55% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts recently weighed in on BGCP shares. ValuEngine lowered shares of BGC Partners from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 22nd. BidaskClub lowered shares of BGC Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Finally, Zacks Investment Research upgraded shares of BGC Partners from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Tuesday, July 3rd. Three research analysts have rated the stock with a sell rating and one has assigned a buy rating to the company. BGC Partners presently has a consensus rating of “Hold” and an average target price of $13.00.

NASDAQ:BGCP traded up $0.12 on Friday, hitting $10.89. The stock had a trading volume of 1,574,732 shares, compared to its average volume of 2,213,463. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 9.08 and a beta of 1.04. BGC Partners has a 1-year low of $10.39 and a 1-year high of $16.97. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.16 and a quick ratio of 1.14.

BGC Partners (NASDAQ:BGCP) last released its quarterly earnings results on Thursday, August 2nd. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.02. The business had revenue of $960.08 million for the quarter, compared to the consensus estimate of $938.00 million. BGC Partners had a net margin of 1.53% and a return on equity of 46.19%. During the same period in the previous year, the firm earned $0.24 EPS. As a group, equities analysts anticipate that BGC Partners will post 1.38 earnings per share for the current fiscal year.

BGC Partners Company Profile

BGC Partners, Inc operates as a brokerage company servicing the financial and real estate markets worldwide. It operates in two segments, Financial Services and Real Estate Services. The Financial Services segment provides brokerage services for fixed income, interest rate derivatives, spot foreign exchange, foreign exchange derivatives, government bonds, corporate bonds, credit derivatives, insurance and money market products, energy, metals, equity derivatives, and structured market data products and services.

Further Reading: Short Selling Stocks, A Beginner’s Guide

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