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

IMXI has been the topic of several other reports. KeyCorp assumed coverage on International Money Express in a report on Friday, October 18th. They set a “sector weight” rating on the stock. BTIG Research restated a “buy” rating and set a $20.00 target price on shares of International Money Express in a report on Monday, August 12th. Cantor Fitzgerald boosted their target price on International Money Express from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday. ValuEngine upgraded International Money Express from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Northland Securities restated a “buy” rating and set a $17.00 target price on shares of International Money Express in a report on Tuesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. International Money Express presently has an average rating of “Buy” and a consensus price target of $17.50.

Shares of International Money Express stock traded down $0.63 on Thursday, hitting $13.34. 272,700 shares of the company were exchanged, compared to its average volume of 154,281. The stock has a market capitalization of $577.72 million, a price-to-earnings ratio of -266.80 and a beta of -0.20. The company has a 50-day moving average price of $14.34 and a 200 day moving average price of $13.83. International Money Express has a 1-year low of $10.31 and a 1-year high of $16.10. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.81.

In other news, major shareholder William Velez sold 8,000 shares of International Money Express stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $11.96, for a total transaction of $95,680.00. Also, insider Solomon Cohen sold 16,508 shares of International Money Express stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $12.75, for a total transaction of $210,477.00. In the last ninety days, insiders have sold 124,508 shares of company stock worth $1,502,157. Corporate insiders own 43.10% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Hennessy Advisors Inc. purchased a new position in shares of International Money Express in the second quarter worth $494,000. Strs Ohio purchased a new position in shares of International Money Express in the second quarter worth $49,000. Anchor Capital Advisors LLC purchased a new position in shares of International Money Express in the second quarter worth $1,273,000. Wells Fargo & Company MN raised its stake in shares of International Money Express by 12.2% in the second quarter. Wells Fargo & Company MN now owns 13,640 shares of the company’s stock worth $192,000 after purchasing an additional 1,484 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of International Money Express in the second quarter worth $677,000. 39.35% of the stock is currently owned by hedge funds and other institutional investors.

About International Money Express

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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