Moneygram International Inc (NASDAQ:MGI) shares fell 8.2% during trading on Tuesday . The stock traded as low as $2.13 and last traded at $2.14, 2,268,785 shares changed hands during mid-day trading. An increase of 40% from the average session volume of 1,618,120 shares. The stock had previously closed at $2.33.
Several brokerages recently commented on MGI. BidaskClub lowered Moneygram International from a “buy” rating to a “hold” rating in a report on Friday, September 27th. Barclays lifted their price objective on Moneygram International from $2.00 to $3.50 and gave the stock an “underweight” rating in a report on Monday, September 9th. Northland Securities reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Moneygram International in a report on Friday, November 1st. ValuEngine raised Moneygram International from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Finally, Zacks Investment Research downgraded Moneygram International from a “buy” rating to a “hold” rating and set a $3.75 target price on the stock. in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $4.42.
The company has a market capitalization of $144.60 million, a PE ratio of 4.98 and a beta of 2.69. The company has a 50-day moving average of $3.24 and a two-hundred day moving average of $3.17.
In related news, insider Ripple Labs Inc. bought 626,600 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average cost of $4.10 per share, for a total transaction of $2,569,060.00. Following the completion of the transaction, the insider now owns 6,237,523 shares of the company’s stock, valued at $25,573,844.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 45.70% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the company. Marshall Wace North America L.P. purchased a new position in shares of Moneygram International in the second quarter valued at about $51,000. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Moneygram International in the second quarter valued at about $54,000. Cetera Advisor Networks LLC purchased a new position in shares of Moneygram International in the third quarter valued at about $96,000. Centaurus Financial Inc. purchased a new position in shares of Moneygram International in the second quarter valued at about $123,000. Finally, Paloma Partners Management Co purchased a new position in shares of Moneygram International in the second quarter valued at about $188,000. Institutional investors and hedge funds own 61.95% of the company’s stock.
Moneygram International Company Profile (NASDAQ:MGI)
MoneyGram International, Inc, together with its subsidiaries, provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers.
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