Cowen (NASDAQ:COWN) Upgraded to Buy by Zacks Investment Research

Cowen (NASDAQ:COWNGet Rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The firm currently has a $30.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 16.32% from the stock’s current price.

According to Zacks, “COWEN GROUP, INC., through its operating subsidiaries, provides investment banking, equity research, sales and trading, asset management and alternative asset management services to companies and institutional investor clients in the healthcare, technology, telecommunications, aerospace and defense, consumer and alternative energy sectors. Cowen’s asset management business includes teams based in the U.S. and the U.K. Cowen’s U.S. team focuses on a growth-oriented investment style centered on small and mid-sized companies based primarily in North America. Cowen’s U.K. team provides traditional asset management products, focusing on a global equity strategy. Cowen’s alternative asset management business consists of Cowen Healthcare Royalty Partners, which invests principally in commercial-stage biopharmaceutical products and companies, and Cowen Capital Partners, which manages a portfolio of middle market private equity investments for third party investors. “

A number of other equities research analysts have also issued reports on the stock. TheStreet lowered shares of Cowen from a “b-” rating to a “c” rating in a research note on Friday, April 29th. StockNews.com downgraded shares of Cowen from a “hold” rating to a “sell” rating in a report on Wednesday, June 1st. JMP Securities cut their price target on shares of Cowen from $62.00 to $59.00 and set a “market outperform” rating on the stock in a report on Thursday, April 7th. Piper Sandler raised their price target on shares of Cowen from $55.00 to $58.00 in a report on Monday, May 2nd. Finally, The Goldman Sachs Group cut their price target on shares of Cowen from $29.00 to $25.00 and set a “sell” rating on the stock in a report on Tuesday, April 12th. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $43.00.

Shares of NASDAQ:COWN traded down $0.91 during trading on Wednesday, reaching $25.79. 321,543 shares of the company traded hands, compared to its average volume of 436,041. The firm has a fifty day simple moving average of $24.47 and a 200 day simple moving average of $29.60. The firm has a market cap of $716.27 million, a P/E ratio of 4.72 and a beta of 1.44. Cowen has a 1-year low of $21.45 and a 1-year high of $44.07. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.19.

Cowen (NASDAQ:COWNGet Rating) last issued its earnings results on Friday, April 29th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.74. The company had revenue of $331.64 million during the quarter, compared to analyst estimates of $298.27 million. Cowen had a net margin of 10.97% and a return on equity of 18.83%. During the same quarter last year, the business posted $4.34 EPS. As a group, research analysts anticipate that Cowen will post 5.53 EPS for the current year.

Large investors have recently bought and sold shares of the company. Millennium Management LLC boosted its position in shares of Cowen by 67.8% during the 3rd quarter. Millennium Management LLC now owns 845,444 shares of the financial services provider’s stock valued at $29,007,000 after acquiring an additional 341,470 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its position in shares of Cowen by 423.6% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 389,676 shares of the financial services provider’s stock valued at $14,067,000 after acquiring an additional 315,248 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of Cowen during the 4th quarter valued at about $9,229,000. Goldman Sachs Group Inc. boosted its position in Cowen by 177.9% in the first quarter. Goldman Sachs Group Inc. now owns 224,523 shares of the financial services provider’s stock valued at $6,084,000 after buying an additional 143,728 shares in the last quarter. Finally, FDx Advisors Inc. acquired a new position in Cowen in the fourth quarter valued at about $4,638,000. Institutional investors own 89.63% of the company’s stock.

Cowen Company Profile (Get Rating)

Cowen Inc, together with its subsidiaries, provides investment banking, research, sales and trading, prime brokerage, global clearing, securities financing, commission management, and investment management services in the United States and internationally. It operates in two segments, Operating Company (Op Co) and Asset Company (Asset Co).

Further Reading

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