Virtu Financial downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Kenneth Worthington downgraded Virtu Financial to Neutral from Overweight with a price target of $19, down from $20, post the Q2 results. Options market making, exchange traded funds blocks, and crypto have been growth initiatives in the focus over the past several quarters and multiple years, but the growth has been challenging to determine, the analyst tells investors in a research note. The firm says Virtu’s newer initiatives “have seemed more stagnant” and the Q2 commentary suggested single-stock options efforts were more-or-less on hold with the focus remaining on index options.