Moneygram International (NASDAQ:MGI) Stock Price Down 8.2%

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Shares of Moneygram International Inc (NASDAQ:MGI) traded down 8.2% during trading on Friday . The company traded as low as $3.23 and last traded at $3.48, 5,008,647 shares changed hands during trading. An increase of 106% from the average session volume of 2,432,642 shares. The stock had previously closed at $3.79.

A number of equities analysts recently commented on the stock. Barclays dropped their price target on shares of Moneygram International from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Monday, April 6th. ValuEngine raised shares of Moneygram International from a “hold” rating to a “buy” rating in a research note on Friday, June 19th. Finally, Zacks Investment Research upgraded shares of Moneygram International from a “sell” rating to a “hold” rating and set a $3.00 price objective for the company in a report on Friday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $1.67.

The business’s fifty day moving average is $3.17 and its two-hundred day moving average is $2.29. The company has a market cap of $220.77 million, a P/E ratio of -3.66 and a beta of 2.60.

Moneygram International (NASDAQ:MGI) last announced its quarterly earnings data on Thursday, July 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.14. The company had revenue of $279.80 million for the quarter. As a group, research analysts anticipate that Moneygram International Inc will post -0.34 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Morgan Stanley raised its holdings in shares of Moneygram International by 37.1% in the 1st quarter. Morgan Stanley now owns 1,775,823 shares of the financial services provider’s stock valued at $2,326,000 after purchasing an additional 480,371 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Moneygram International by 12.1% in the 1st quarter. Invesco Ltd. now owns 357,554 shares of the financial services provider’s stock valued at $468,000 after purchasing an additional 38,532 shares in the last quarter. Lindbrook Capital LLC bought a new stake in shares of Moneygram International in the 1st quarter valued at about $345,000. Credit Suisse AG bought a new stake in shares of Moneygram International in the 4th quarter valued at about $524,000. Finally, Thrivent Financial for Lutherans bought a new stake in shares of Moneygram International in the 1st quarter valued at about $199,000. Institutional investors own 26.34% of the company’s stock.

About Moneygram International (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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