Moneygram International Inc (MGI) Sees Significant Drop in Short Interest

Moneygram International Inc (NASDAQ:MGI) was the target of a large decrease in short interest in January. As of January 31st, there was short interest totalling 1,336,239 shares, a decrease of 39.2% from the January 12th total of 2,198,150 shares. Currently, 4.8% of the company’s stock are sold short. Based on an average daily trading volume, of 789,137 shares, the days-to-cover ratio is presently 1.7 days.

MGI has been the topic of a number of recent research reports. ValuEngine raised Moneygram International from a “hold” rating to a “buy” rating in a research report on Saturday, December 9th. Zacks Investment Research downgraded Moneygram International from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. BidaskClub downgraded Moneygram International from a “hold” rating to a “sell” rating in a research report on Saturday, October 21st. Finally, JPMorgan Chase & Co. downgraded Moneygram International from a “neutral” rating to an “underweight” rating in a research report on Tuesday, December 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Moneygram International currently has an average rating of “Hold” and a consensus price target of $17.70.

Hedge funds have recently modified their holdings of the stock. Quantbot Technologies LP bought a new stake in Moneygram International during the third quarter valued at about $403,000. IndexIQ Advisors LLC boosted its position in Moneygram International by 18.8% during the third quarter. IndexIQ Advisors LLC now owns 72,263 shares of the financial services provider’s stock valued at $1,164,000 after purchasing an additional 11,415 shares in the last quarter. Sand Grove Capital Management LLP boosted its position in Moneygram International by 5.6% during the third quarter. Sand Grove Capital Management LLP now owns 1,194,122 shares of the financial services provider’s stock valued at $19,273,000 after purchasing an additional 63,618 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in Moneygram International by 10.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 127,817 shares of the financial services provider’s stock valued at $2,205,000 after purchasing an additional 11,622 shares in the last quarter. Finally, State Street Corp boosted its position in Moneygram International by 11.8% during the second quarter. State Street Corp now owns 563,886 shares of the financial services provider’s stock valued at $9,729,000 after purchasing an additional 59,606 shares in the last quarter. 90.07% of the stock is currently owned by institutional investors.

Moneygram International (NASDAQ:MGI) traded up $0.16 on Wednesday, hitting $11.32. The stock had a trading volume of 224,056 shares, compared to its average volume of 1,852,860. Moneygram International has a fifty-two week low of $9.92 and a fifty-two week high of $17.92. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of -2.47. The company has a market cap of $607.93, a P/E ratio of 24.91 and a beta of 1.79.

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About Moneygram International

MoneyGram International, Inc (MoneyGram) is a global provider of money transfer services. The Company operates through two segments: Global Funds Transfer and Financial Paper Products. The Company offers its services under the MoneyGram brand. The Company’s Global Funds Transfer Segment provides money transfer services and bill payment services primarily to unbanked and underbanked consumers.

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