International Money Express (NASDAQ:IMXI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $14.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 11.91% from the company’s previous close.

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. “

Several other equities analysts have also recently issued reports on IMXI. JMP Securities started coverage on shares of International Money Express in a research note on Monday, July 30th. They issued an “outperform” rating on the stock. BTIG Research started coverage on shares of International Money Express in a research note on Wednesday, September 12th. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, Cantor Fitzgerald started coverage on shares of International Money Express in a research note on Thursday, October 11th. They issued an “overweight” rating on the stock.

Shares of IMXI opened at $12.51 on Wednesday. International Money Express has a 1 year low of $9.06 and a 1 year high of $13.38.

Institutional investors and hedge funds have recently made changes to their positions in the business. Granite Point Capital Management L.P. purchased a new stake in shares of International Money Express during the 3rd quarter worth $4,808,000. Monashee Investment Management LLC purchased a new stake in shares of International Money Express during the 3rd quarter worth $2,039,000. Renaissance Technologies LLC purchased a new stake in shares of International Money Express during the 3rd quarter worth $316,000. Finally, King Luther Capital Management Corp purchased a new stake in shares of International Money Express during the 3rd quarter worth $301,000. 32.15% of the stock is currently owned by institutional investors.

About International Money Express

International Money Express, Inc operates as a processor of money transfer services. The company offers wire transfer, money order, and cash checking services. It uses a proprietary financial technology that enables consumers to send money from the United States to 17 countries in Latin America and the Caribbean, including Mexico and Guatemala.

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