Report has it that Moneygram International (MGI) has been on trending on the upside path of the market lately after a previously value drop.
This seems like a result of the $50 million MoneyGram got in exchange for a two-year equity it handed to Ripple in a deal.
According to a report from Investors Observer, Moneygram International (MGI) stock which continues to record yearly low value, saw a sharp daily and weekly rise in the stock market.
Per the report, MGI stock on Wednesday saw 7.9% and 23.5% within a week. However, the stock remains low with -61.4% value slash in the last 12 months.
According to data from Nasdaq, Moneygram International (MGI) stock has also added 9.17% to its value today to be priced $2.5 against the US Dollar.
Data from 1 year chart reveals that MGI saw its worst decline for the year in May after an earlier up rise in late April. After reaching the bottom on June 17, with the price $1.45, the stock witnessed an abrupt price spike, elevating its value to $3.88 upon partnering Ripple (XRP).
Nevertheless, MGI stock went down in the market the next day to find a solid support, hovering between $2.6 and $2.4.
Since then MGI remains above $2, making many aver that it is a result of its collaboration with Ripple XRP in forming a cross border remittance giant as the industry continues to experience more growth and demand.
The fact that cryptocurrency is also performing fairly well in the market compared to year 2018 is also a reason to believe that the alliance between the two tech giants is fruiting for MoneyGram.
Although some attached the recent weekly up growth of MGI stock to a deal which the company signed with Sentbe Boosts Shares in South Korea on July 19, 2019, but it is clear that Moneygram International (MGI) stock saw a rebound from the bear controlled dip after inking the two year deal with Ripple Labs.
Wall Street Analysts Rate Moneygram International (MGI) stock
Based on the present performance of Moneygram International (MGI) stock in the market, the average rating it got from Wall Street analysts is Moderate Sell.
Wall Street analysts also believe the stock would see a price rise of 51.82% within the next 12 months, to be valued $3.75.
InvestorsObserver’s proprietary scoring system has also handed MGI stock with a rating of 45 out of 100.