The stock of MoneyGram International, Inc. (NASDAQ:MGI) is now priced at $2.92 and the shares are -0.1 points down or -3.31% lower compared to its previous closing price of $3.02. The stock had 1.359 million contracts set over the past session. MGI shares’ daily volume is compared to its average trading volume at 3.04 million shares. However, it has a float of 55.05 million and although its performance was -8.75% over the week, it’s one to watch. Analysts have given the MGI stock a yearly average price target of $2.33 per share. It means the stock’s downside potential is -20.21% with the MGI share price recently placing at $2.9 to $3.04. However, some brokerage firms have priced the stock below the average, including one that has called $3.
The shorts are running away from the MoneyGram International, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the MGI shares have declined. Short interest in the stock represents just 3.41% of its float, but the volume has dropped by -1412075. The volume of shorted shares dropped to 1.878 million from 3.29 million shares over the last two weeks. The average intraday trading volume has been 2.092 million shares, which means that days to cover moved to roughly 1.
In the last trading session, MoneyGram International, Inc. (NASDAQ:MGI) dropped by -$0.28 over the week and lost -$0.57 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $6.7. The stock recorded its established 52-week high on 09/12/19.
Since 04/03/20, the stock has traded to a low of $1.15 at 153.91%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.45. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, MoneyGram International, Inc.’s two-week RSI is 33.23. This suggests that the stock is neutral at the moment and that MGI shares’ price movement remains stable. The stochastic readings are equally revealing at 19.3% meaning the MGI share price is currently in overbought territory.
The technical chart shows that the MGI stock will likely settle at between $3.01 and $3.09 per share. However, if the stock dips below $2.87, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.81.
Currently, the stock is trading in the red of MACD, with a reading of -0.13. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Evercore ISI raised their recommendation for MGI from Underperform to In-line in August 03 review while maintain their target price of $3. Northland Capital analysts downgraded their recommendation of the stock from Outperform to Market Perform while keeping its target price at $3.50 to $1 in a flash note released to investors on March 24. Northland Capital seeing the improvements upgraded the stock from Market Perform to Outperform on April 03, placing it at $5.5.
The average rating for the MGI equity is 3.43 and is currently gathering a bearish momentum. Of 7 analysts tracking MoneyGram International, Inc. polled by Reuters, 5 rated MGI as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MGI stock price is 15.21X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 35.1. MoneyGram International, Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 5.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for MoneyGram International, Inc. (NASDAQ:MGI) will decrease by about -99.89%, which will see them reach $308 million. The company’s full-year revenues are, however, expected to diminish by about -7.75%, down from $1290 million to $1190 million. MGI’s expected adjusted earnings should drop almost -333.33% to end up at $0.07 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 133.33% to record $0.07/share.