NEW YORK (TheStreet) -- Shares of Cowen Group (COWN) were gaining 5.3% to $5.78 on heavy trading volume Monday after the company announced the development of a new suite of electronic products and analytical tools for investors.
The new tools will help investors efficiently trade the 1400 stocks included in the SEC's recently approved two-year pilot program. The program will start on May 6, 2016 and will "widen the minimum quoting and trading increments for stocks of certain small-cap companies to test for long-term changes to trading these stocks," according to the company.
"Once the pilot program begins, trading rules will no longer be 'one-size-fits-all,'" John Cosenza, Co-Head of Cowen / ATM said in a statement. "As a leader in non-conflicted, algorithmic execution and development of solutions to efficiently execute trades, products that address the small-cap pilot program will be an important component of our overall product suite."
About 3 million shares of Cowen were traded by 2:35 p.m. Monday, above the company's average trading volume of about 1.1 million shares a day.
TheStreet Ratings team rates COWEN GROUP INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate COWEN GROUP INC (COWN) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we find that the growth in the company's earnings per share has not been good."