Virtu amended report shows better quoted spreads, says Piper Sandler

Piper Sandler notes that data disclosed in Virtu Financial’s August 605 report previously indicated that average daily quoted spreads were down month-over-month. However, the report on the company’s site has since been amended and the data now show “a much more favorable trading environment than we initially thought,” pointing to average daily quoted spreads that declined “just” 7% month-over-month, according to the firm. Piper, which maintains its Q3, 2024 and 2025 EPS estimates, keeps an Overweight rating and $31 price target on Virtu shares.