Investment firm Sheets Smith Wealth Management recently disclosed its acquisition of a new position in International Money Express, Inc. (NASDAQ:IMXI) during the first quarter, as reported in the company’s Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 14,418 shares of the company’s stock, amounting to a value of approximately $372,000.
International Money Express (NASDAQ:IMXI) recently released its quarterly earnings results on August 2nd. The company reported earnings per share of $0.46 for the quarter, falling short of the consensus estimate of $0.48 by ($0.02). Its revenue for the quarter reached $169.15 million, slightly below analysts’ expectations of $171.35 million. Despite these figures, International Money Express displayed a net margin of 9.33% and a return on equity of 43.09%.
International Money Express operates within the money remittance services sector and serves various regions across the globe, including the United States, Latin America, Mexico, Central and South America, the Caribbean, Africa, and Asia. Their offerings encompass remittance services alongside ancillary financial processing solutions and payment services. Additionally, they provide customers with online payment options, pre-paid debit cards, and direct deposit payroll cards.
With its recent purchase of shares in International Money Express, Sheets Smith Wealth Management has demonstrated confidence in the company’s potential for growth in the future. As time progresses and market conditions evolve further beyond this September 14th reference date, it will be interesting to observe how International Money Express continues to navigate within its industry amidst economic developments both domestically and internationally.
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Institutional Investors Embrace International Money Express (IMXI) as Stakes Rise and Analysts Assess Potential
International Money Express (IMXI) has recently caught the attention of several institutional investors, as they continue to add to or reduce their stakes in the business. One notable investor is JPMorgan Chase & Co., which boosted its holdings in IMXI by 3.9% in the first quarter. The company now owns 697,564 shares of IMXI stock, worth approximately $17,983,000 after acquiring an additional 26,398 shares.
Ancora Advisors LLC also lifted its holdings in IMXI during the first quarter by a significant margin – 93.1% to be exact. They now own 44,410 shares of the company’s stock worth $1,145,000 after purchasing an additional 21,416 shares.
Susquehanna International Group LLP joined the trend as well and increased its holdings in IMXI by a staggering 256.1%. The firm now owns 281,192 shares of the company’s stock worth $7,249,000 after acquiring an additional 202,225 shares.
Jane Street Group LLC also dove into IMXI during the first quarter and acquired a new stake worth approximately $352,000. Scopia Capital Management LP followed suit and invested around $24 million into IMXI.
Overall, it is clear that institutional investors and hedge funds have embraced IMXI with open arms. In fact, they currently own a whopping 84.81% of the company’s stock.
On Thursday morning, IMXI stock opened at $17.89 per share. It has a relatively low valuation compared to its peers and industry average with a P/E ratio of 11.85 and a beta of 0.51.
The stock’s performance over the past few months has been somewhat turbulent. It experienced a decline in both its moving averages – with a 50-day moving average of $20.59 and a 200-day moving average of $23.25. However, it is worth mentioning that IMXI has a 52-week trading range of $17.11 to $28.24.
Despite some fluctuations in its stock price, IMXI has attracted attention from research analysts as well. Northland Securities recently decreased their target price on IMXI from $28.00 to $25.00, while JMP Securities downgraded the company from an “outperform” rating to a “market perform” rating.
On a more positive note, Needham & Company LLC reaffirmed a “buy” rating and set a target price of $35.00 on shares of International Money Express.This latest update on IMXI’s institutional investors’ stakes and recent research reports provides valuable insight into the company’s current situation and potential future prospects for investors to consider when evaluating their positions or exploring new investment opportunities in International Money Express, Inc.
