NEW YORK (TheStreet) -- Liquid Holdings (LIQD) fell Wednesday after the hedge fund technology company announced it had signed a joint marketing agreement with ConvergEx Prime Services, the prime services division of ConvergEx Group.
ConvergEx Prime Services will offer Liquid's platform as an option to its prime brokerage clients and Liquid will refer its clients to ConvergEx for prime brokerage services under the terms of the deal. ConvergEx's clients include hedge funds, family offices, mutual funds and registered advisors.
JMP Securities also initiated coverage on the stock with an "outperform" rating at set a $2.25 price target.
The stock was down 4.65% to $1.64 at 10:41 a.m.