Evercore ISI downgraded shares of Moneygram International (NASDAQ:MGI) from an in-line rating to an underperform rating in a report issued on Friday, Marketbeat reports.
A number of other equities analysts also recently issued reports on MGI. BidaskClub downgraded shares of Moneygram International from a sell rating to a strong sell rating in a report on Saturday, August 4th. Morgan Stanley cut their price objective on shares of Moneygram International from $7.00 to $6.50 and set an equal weight rating on the stock in a report on Monday, August 6th. Finally, Zacks Investment Research raised shares of Moneygram International from a hold rating to a buy rating and set a $6.75 price objective on the stock in a report on Friday, August 10th. Four investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Moneygram International currently has an average rating of Sell and a consensus price target of $6.63.
NASDAQ MGI traded down $2.20 during mid-day trading on Friday, hitting $2.27. The company’s stock had a trading volume of 4,468,993 shares, compared to its average volume of 282,347. Moneygram International has a twelve month low of $2.23 and a twelve month high of $15.05. The company has a market cap of $243.56 million, a P/E ratio of 2.58 and a beta of 2.02.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Moneygram International in the 3rd quarter worth about $199,000. Martingale Asset Management L P purchased a new position in shares of Moneygram International in the 2nd quarter worth about $203,000. Russell Investments Group Ltd. purchased a new position in shares of Moneygram International in the 1st quarter worth about $270,000. JPMorgan Chase & Co. boosted its holdings in shares of Moneygram International by 743.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 52,859 shares of the financial services provider’s stock worth $283,000 after buying an additional 46,589 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of Moneygram International in the 2nd quarter worth about $285,000. 85.85% of the stock is currently owned by hedge funds and other institutional investors.
Moneygram International Company Profile
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.
Featured Story: How is the discount rate different from the Federal Funds rate?
Receive News & Ratings for Moneygram International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Moneygram International and related companies with MarketBeat.com's FREE daily email newsletter.