HSBC (NYSE:HSBC) Shares Gap Down to $36.79

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HSBC Holdings plc (NYSE:HSBC) shares gapped down before the market opened on Tuesday . The stock had previously closed at $36.77, but opened at $36.79. HSBC shares last traded at $37.10, with a volume of 218,951 shares traded.

Several research firms have commented on HSBC. Goldman Sachs Group raised HSBC from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 22nd. Jefferies Financial Group lowered HSBC from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Barclays lowered HSBC from an “equal weight” rating to an “underweight” rating in a report on Wednesday, July 17th. ValuEngine lowered HSBC from a “hold” rating to a “sell” rating in a report on Friday, July 26th. Finally, Morgan Stanley lowered HSBC from an “overweight” rating to an “equal weight” rating in a report on Friday, June 21st. Eight research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $43.80.

The company has a market capitalization of $146.63 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 2.45 and a beta of 0.68. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s fifty day moving average is $40.64.

A number of hedge funds have recently made changes to their positions in HSBC. Comerica Securities Inc. bought a new position in shares of HSBC in the 4th quarter worth about $465,000. Geode Capital Management LLC increased its stake in shares of HSBC by 20.1% in the 4th quarter. Geode Capital Management LLC now owns 499,248 shares of the financial services provider’s stock worth $20,524,000 after acquiring an additional 83,620 shares in the last quarter. Virtu Financial LLC increased its stake in shares of HSBC by 51.7% in the 1st quarter. Virtu Financial LLC now owns 9,649 shares of the financial services provider’s stock worth $392,000 after acquiring an additional 3,290 shares in the last quarter. Massey Quick Simon & CO. LLC bought a new position in shares of HSBC in the 1st quarter worth about $41,000. Finally, Sage Rhino Capital LLC bought a new position in shares of HSBC in the 1st quarter worth about $346,000. 2.46% of the stock is currently owned by hedge funds and other institutional investors.

About HSBC (NYSE:HSBC)

HSBC Holdings plc provides banking and financial products and services. The company operates through Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking segments. The Retail Banking and Wealth Management segment offers personal banking products and services, mortgages and loans, credit cards, insurance and investment products, savings products, international services, and wealth solutions and financial planning services, as well as telephone, Internet, and mobile banking services.

Further Reading: Understanding Market Liquidity

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