International Money Express (NASDAQ:IMXI) Upgraded to Buy by Zacks Investment Research

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International Money Express (NASDAQ:IMXI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage presently has a $16.00 target price on the stock. Zacks Investment Research‘s target price indicates a potential upside of 19.94% from the stock’s current price.

According to Zacks, “International Money Express Inc. offer wire transfer and other processing services to customers through network of sending and paying agents located primarily in the District of Columbia and Puerto Rico as well as throughout Latin America. International Money Express Inc., formerly known as FinTech Acquisition Corp. II, is headquartered in Miami, Florida. “

A number of other brokerages have also issued reports on IMXI. KeyCorp initiated coverage on International Money Express in a research note on Friday, October 18th. They issued a “sector weight” rating for the company. Cantor Fitzgerald raised their target price on International Money Express from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday. ValuEngine upgraded International Money Express from a “sell” rating to a “hold” rating in a research note on Wednesday. Northland Securities restated a “buy” rating and issued a $17.00 target price on shares of International Money Express in a research note on Tuesday. Finally, BTIG Research restated a “buy” rating and issued a $20.00 target price on shares of International Money Express in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $17.50.

IMXI stock traded down $0.63 during midday trading on Thursday, reaching $13.34. The stock had a trading volume of 272,700 shares, compared to its average volume of 154,281. The stock has a market cap of $577.72 million, a PE ratio of -266.80 and a beta of -0.20. The company has a debt-to-equity ratio of 2.81, a quick ratio of 1.71 and a current ratio of 1.71. The firm has a fifty day simple moving average of $14.34 and a two-hundred day simple moving average of $13.83. International Money Express has a 52-week low of $10.31 and a 52-week high of $16.10.

In other International Money Express news, Director John Rincon sold 100,000 shares of International Money Express stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $11.96, for a total transaction of $1,196,000.00. Also, major shareholder William Velez sold 8,000 shares of International Money Express stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.96, for a total value of $95,680.00. Insiders have sold a total of 124,508 shares of company stock valued at $1,502,157 in the last quarter. Company insiders own 43.10% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank purchased a new position in shares of International Money Express during the 3rd quarter valued at about $27,000. Russell Investments Group Ltd. raised its stake in shares of International Money Express by 245.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 60,856 shares of the company’s stock valued at $837,000 after buying an additional 43,256 shares during the last quarter. Emerald Mutual Fund Advisers Trust purchased a new position in shares of International Money Express during the 3rd quarter valued at about $1,517,000. Tocqueville Asset Management L.P. purchased a new position in shares of International Money Express during the 3rd quarter valued at about $824,000. Finally, Pembroke Management LTD purchased a new position in shares of International Money Express during the 3rd quarter valued at about $6,721,000. Institutional investors and hedge funds own 39.35% of the company’s stock.

International Money Express Company Profile

International Money Express, Inc, through its subsidiary, operates as a money remittance services company in the United States, Latin America, Mexico, Central and South America, and the Caribbean. The company offers remittance services, including a suite of ancillary financial processing solutions and payment services.

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Analyst Recommendations for International Money Express (NASDAQ:IMXI)

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