StoneX Group Inc. (NASDAQ:SNEX) saw its stock price climb 2.33% to $70.26 during Monday trading, following the execution of a 3-for-2 stock split that took effect after Friday's close. The advance, recorded as of 13:54 EDT, came amid confusion on some financial data platforms that continued to display an erroneous 32% decline based on unadjusted prior-day closing figures.
The discrepancy stemmed from the failure of certain quote feeds to update Friday's closing price to reflect the split. While StoneX's split-adjusted reference close was $68.66, several systems still showed Friday's unadjusted close of $102.99, leading to a misleading negative daily performance. This technical glitch also distorted displayed market capitalization and earnings multiples on affected platforms.
Based on the split-adjusted price and the company's updated share count of approximately 118.88 million shares—resulting from the issuance of one additional share for every two shares held—the preliminary market capitalization stood at roughly $8.35 billion. The trailing price-to-earnings ratio, adjusted for the split, was estimated at approximately 18.8 times, compared to an unadjusted figure of 11.6 times that some feeds continued to show.
StoneX's board approved the stock split to enhance the accessibility of its shares for a broader range of investors. This marks the company's second 3-for-2 split in the past four months and the third such split since March 2025, bringing the total adjustment factor to 3.375. The move reflects management's confidence in the company's growth trajectory and its commitment to increasing shareholder value.
In terms of relative valuation, StoneX's adjusted trailing P/E of 18.8 times stands roughly 10% below that of CME Group Inc. (NASDAQ:CME), which trades at 21.0 times, and approximately 53% lower than Interactive Brokers Group Inc. (NASDAQ:IBKR), at 39.7 times. Among peers, Marex Group Limited (NASDAQ:MRX), a competitor in clearing and commodities, advanced 3.9% on Monday, while CME rose 0.6% and Interactive Brokers gained 2.2%.
StoneX's latest earnings report provided further context for the positive sentiment. For the fiscal second quarter, net operating revenue surged 70% to $829.1 million, while net income jumped 143% to $174.3 million. Return on equity stood at an impressive 26%. CEO Philip Smith noted in May that the integration of R.J. O'Brien remains on track and that the company remains confident in achieving its targeted synergies.
Despite the strong performance, risks persist. The integration of R.J. O'Brien still poses execution risk, and any decline in market volatility or interest rates could pressure trading spreads and reduce income from client balances. Additionally, bad-debt expense increased to $12.4 million from $0.1 million in the prior period, highlighting potential credit challenges.
Investors are advised to rely on split-adjusted data when evaluating StoneX's performance and valuation. The technical nature of the feed error underscores the importance of using accurate, post-split figures for informed decision-making.
