Interactive Brokers Group, an automated global electronic broker, released its Electronic Brokerage activity report for March 2021.
Interactive Brokers (IBKR) recorded 2,998,000 Daily Average Revenue Trades (DARTs) in March, which increased 53% year-over-year (y/y). However, DARTs fell 19% from the prior month.
The company’s client equity came in at $330.6 billion at March-end, up 106% from the prior-year month, while client margin loan balances were $42.2 billion, up 113% y/y. Both metrics remained flat compared to February.
The number of client accounts was 1,325,000 million at the end of March, increasing 5% from Feb. 2021 and 74% from March 2020. (See Interactive Brokers stock analysis on TipRanks)
Interactive Brokers’ client credit balances came in at $84.5 billion, down 1% from the previous month and up 30% from March 2020.
On April 5, Goldman Sachs analyst Will Nance increased the stock’s price target to $83 (12.7% upside potential) from $73 and reiterated a Hold rating.
Nance foresees “strong results across the board” for America’s online brokers in 1Q driven by elevated trading, strong societies lending, higher margin balances, and “solid” cash balance growth.
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 3 analysts suggesting a Buy, 1 analyst recommending a Hold, and 1 suggesting a Sell. The average analyst price target of $79 implies upside potential of 7.2% to current levels. Shares have appreciated 62.8% over the past year.
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