Why Is Virtu Financial Stock Jumping Today?

Virtu Financial, Inc. VIRT shares are trading higher after the company reported better-than-expected second-quarter financial results.

The company registered adjusted earnings per share of 83 cents, beating the street view of 60 cents.

Quarterly adjusted net trading income totaled $385.08 million, beating the analyst consensus of $331.57 million.

Virtu reported an adjusted EBITDA of $217.5 million, with an adjusted EBITDA margin of 56.5%.

Total revenues increased 36.7% to $693.0 million for this quarter, compared to $506.9 million for the same period in 2023. 

Also Read: Apple, Nvidia Supplier TSMC Reports Strong Q2 Results Amid Booming Demand For AI Chips, Guides Q3 Above Consensus: 2024 To Be ‘Strong Growth Year,' Says CEO

As of June 30, Virtu had $716.7 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1.766 billion.

Virtu’s board of directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15 to shareholders of record as of September 1.

Including the additional $500 million authorization by its Board on April 24, the company has approximately $538.6 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Price Action: VIRT shares are trading higher by 18.6% to $27.89 at last check Thursday.

Read Next:

• Core Scientific Analyst Emphasizes' Access To Power' In Bitcoin Mining Assets – Deal With CoreWeave Under Focus