International Money Express (NASDAQ:IMXI) Shares Gap Down – Here’s What Happened

International Money Express, Inc. (NASDAQ:IMXI) gapped down before the market opened on Thursday . The stock had previously closed at $20.11, but opened at $19.44. International Money Express shares last traded at $19.41, with a volume of 20,412 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on IMXI shares. Monness Crespi & Hardt lowered International Money Express from a “buy” rating to a “neutral” rating in a research report on Thursday. Northland Securities lifted their target price on International Money Express from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Needham & Company LLC increased their price target on International Money Express from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. BMO Capital Markets raised their price target on International Money Express from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Oppenheimer began coverage on shares of International Money Express in a research report on Tuesday, October 1st. They set a “market perform” rating on the stock. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

International Money Express Price Performance

The stock has a 50 day moving average of $20.87 and a 200-day moving average of $19.48. The stock has a market capitalization of $609.25 million, a P/E ratio of 10.94 and a beta of 0.89. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 1.12.

Institutional Trading of International Money Express

A number of large investors have recently made changes to their positions in IMXI. Wellington Management Group LLP increased its stake in International Money Express by 7.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,556,925 shares of the company’s stock worth $28,788,000 after buying an additional 109,293 shares during the period. Forager Capital Management LLC increased its position in shares of International Money Express by 27.1% during the third quarter. Forager Capital Management LLC now owns 1,221,174 shares of the company’s stock worth $22,580,000 after acquiring an additional 260,000 shares during the period. ArrowMark Colorado Holdings LLC raised its stake in shares of International Money Express by 17.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 994,925 shares of the company’s stock valued at $18,396,000 after acquiring an additional 145,686 shares in the last quarter. New South Capital Management Inc. purchased a new stake in shares of International Money Express in the third quarter valued at approximately $17,055,000. Finally, Royce & Associates LP grew its stake in International Money Express by 9.8% in the third quarter. Royce & Associates LP now owns 557,189 shares of the company’s stock worth $10,302,000 after purchasing an additional 49,582 shares in the last quarter. 86.71% of the stock is owned by hedge funds and other institutional investors.

About International Money Express

International Money Express, Inc, together with its subsidiaries, operates as an omnichannel money remittance services company in the United States, Latin America, Mexico, Central and South America, the Caribbean, Africa, and Asia. The company offers remittance services, which include a suite of ancillary financial processing solutions and payment services; and online payment options, pre-paid debit cards, and direct deposit payroll cards.