COWN - Cowen stock jumps after Q1 earnings top Wall Street expectations

Cowen (NASDAQ:COWN) shares are climbing nearly 6% in Friday morning trading following stronger-than-expected first-quarter earnings. Q1 adjusted EPS of $1.35 beat the average analyst estimate of $0.70 but fell from $4.34 in the year-ago quarter. Wolfe analyst Steven Chubak said that Cowen's (COWN) topline result was not impressive, "but in the most challenging ECM quarter since the financial crisis (for the industry), they still managed to generate core EPS (annualized) of >$4," according to a note. Furthermore, total revenue of $410.6M also beat the consensus of $314M but nosedived from $689.89M in Q1 2021. Investment income of $68.1M in Q1 dipped from $176.14M in Q1 a year ago. Assets under management climbed 11% to $15.6B in Q1. Book value of $37.49 per share in Q1 vs. $36.57 in the previous quarter. Meanwhile, Seeking Alpha's Quant Rating in mid-April had screened COWN at high risk of performing badly due to decelerating momentum and negative

For further details see:

Cowen stock jumps after Q1 earnings top Wall Street expectations