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MGI

MoneyGram

$1.44

-0.06 (-4.00%)

17:44
06/17/19
06/17
17:44
06/17/19
17:44

MoneyGram spikes almost 140% after blockchain company Ripple investment

Money transfer company MoneyGram is spiking almost 140% after announcing that it has entered into a strategic agreement with Ripple, "a provider of leading enterprise blockchain solutions for global payments, that will enable MoneyGram to utilize Ripple's xRapid product, leveraging XRP in foreign exchange settlement as part of MoneyGram's cross-border payment process," said the company The partnership supports the companies' shared goal of improving the settlement of cross-border payments by increasing efficiency and reducing cost through RippleNet. Through this partnership, which will have an initial term of two years, Ripple will become MoneyGram's key partner for cross-border settlement using digital assets. As part of this partnership, Ripple has made an initial investment of $30M in MoneyGram equity, made up of common stock and a warrant to purchase common stock. Ripple purchased the newly-issued common stockfrom MoneyGram at $4.10 per share, which represents a significant premium to MoneyGram's current market price. In addition, at MoneyGram's election, Ripple may fund additional purchases of common stock or warrants up to $20M at a minimum price of $4.10 per share "I'm extremely excited about Ripple's investment in MoneyGram and the related strategic partnership," said Alex Holmes, MoneyGram Chairman and CEO. "As the payments industry evolves, we are focused on continuing to improve our platform and utilizing the best technology as part of our overall settlement process," said Mr. Holmes. "Through our partnership with Ripple, we will also have the opportunity to further enhance our operations and streamline our global liquidity management. Since our initial partnership announced in January 2018, we have gotten to know Ripple and are looking forward to further leveraging the strengths of both of our businesses." Shares of MoneyGram International are up $2.00 per share or 137.93% to $3.45 per share in after-hours trading.

  • 27

    Jun

MGI MoneyGram
$1.44

-0.06 (-4.00%)

04/03/19
04/03/19
UPGRADE
Target $5.5

Outperform
MoneyGram upgraded to Outperform on valuation at Northland
As previously reported, Northland upgraded MoneyGram to Outperform from Market Perform with a $5.50 price target. Analyst Mike Grondahl said MoneyGram remains a work in progress, but views risk/reward as "compelling."
04/03/19
NORL
04/03/19
UPGRADE
NORL
Outperform
MoneyGram upgraded to Outperform from Market Perform at Northland
11/14/18
LEHM
11/14/18
INITIATION
LEHM
Overweight
Barclays initiates coverage of U.S. payment processors with PayPal as top pick
As noted earlier, Barclays analyst Ramsey El-Assal initiated a group of 20 U.S. companies in the Payments, Processing, and related IT Services sector with Overweight-rated PayPal (PYPL) as his Top Pick. The analyst cites the company's "100% exposure to high-growth digital channels" along with its "clean balance sheet substantial cash position" that bring it a "strategic opportunity. El-Assal is also particularly positive on Overweight-rated WorldPay (WP) based on its strong growth potential from its exposure to "tech-enabled channels" and merger synergies, FirstData (FDC) based on the accelerating growth of its merchant channels, and Square (SQ)," whose Subscription & Services segment is blurring the lines between Payments and software". The analyst contends that the extent of being "tech-enabled" is a key differentiator in the Payments industry, assigning an Overweight rating to Alliance Data Systems (ADS), ADP (ADP), Cardtronics (CATM), Fidelity National (FIS), First Data (FDC), Fiserv (FISV), Fleetcor Technologies (FLT), Global Payments (GPN), Green Dot (GDOT), Mastercard (MA), Total System Services (TSS), Visa (V), and WEX Inc (WEX). El-Assal assigns Equal-weight ratings to EVO Payments (EVOP) and Paychex (PAYX), stating that while the companies are "solid performers" in the space, their valuation is seen as more balanced. The analyst rates MoneyGram (MGI) and Western Union (WU) at Underweight, saying that the former will struggle to re-ignite positive growth as the costs associated with regulatory scrutiny weigh on its profits and the latter will be challenged by "periodic pricing pressure eroding margins over a long period of time."
11/14/18
LEHM
11/14/18
INITIATION
Target $2
LEHM
Underweight
MoneyGram initiated with an Underweight at Barclays
Barclays analyst Ramsey El-Assal initiated MoneyGram with an Underweight and $2 price target.

TODAY'S FREE FLY STORIES

COT

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0.05 (0.41%)

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COT

Cott Corp.

$12.34

0.05 (0.41%)

20:15
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RARX

RA Pharmaceuticals

$33.58

-2.43 (-6.75%)

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CUTR

Cutera

$24.40

0.19 (0.78%)

20:04
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ITCI

Intra-Cellular

$8.18

-3.81 (-31.78%)

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SCHW

Charles Schwab

$43.54

0.38 (0.88%)

19:28
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FB

Facebook

$202.38

0.06 (0.03%)

19:26
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Facebook CEO must certify compliance under FTC privacy agreement, WSJ says »

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  • 24

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AXP

American Express

$128.20

2.19 (1.74%)

19:24
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AmEx to refund $1.6M after finding salespeople misrepresented pricing, WSJ says »

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OBE

Obsidian Energy

$1.00

0.0087 (0.88%)

19:22
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EEFT

Euronet

$165.34

1.22 (0.74%)

19:16
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Earnings
Breaking Earnings news story on Euronet »

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EEFT

Euronet

$165.34

1.22 (0.74%)

19:16
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Earnings
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CALX

Calix

$7.30

0.155 (2.17%)

19:13
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CALX

Calix

$7.30

0.155 (2.17%)

19:12
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WE

We Company

$0.00

(0.00%)

19:06
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EIC

Eagle Point Income Company

$0.00

(0.00%)

19:03
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Syndicate
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TTS

Tile Shop

$3.08

-0.88 (-22.22%)

18:57
07/23/19
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Downgrade
Tile Shop rating change at Telsey Advisory »

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  • 23

    Jul

AAPL

Apple

$208.85

1.64 (0.79%)

, GOOG

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$1,146.62

8.53 (0.75%)

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AAPL

Apple

$208.85

1.64 (0.79%)

GOOG

Alphabet

$1,146.62

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GOOGL

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MSFT

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FB

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HPQ

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QCOM

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$74.10

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INTC

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$51.76

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AVGO

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MRVL

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$26.50

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JNCE

Jounce Therapeutics

$4.10

-0.1 (-2.38%)

, TER

Teradyne

$48.09

1.26 (2.69%)

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Fly Intel: After Hours Movers »

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TER

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EW

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MANH

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SNAP

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TXN

Texas Instruments

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OLBK

Old Line Bancshares

$26.14

(0.00%)

CSL

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$132.30

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CMG

Chipotle

$740.42

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CNI

Canadian National

$91.05

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DFS

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NAVI

Navient

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WFC

Wells Fargo

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IRBT

iRobot

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RHI

Robert Half

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V

Visa

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SGEN

Seattle Genetics

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FB

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TWTR

Twitter

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AMZN

Amazon.com

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DB

Deutsche Bank

$7.95

0.16 (2.05%)

18:45
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NHI

National Health Investors

$79.63

0.91 (1.16%)

18:35
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RGLS

Regulus

$1.13

-0.07 (-5.83%)

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  • 01

    Aug

MPW

Medical Properties Trust

$17.67

0.12 (0.68%)

18:26
07/23/19
07/23
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18:26
Upgrade
Medical Properties Trust rating change at Stifel »

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HAS

Hasbro

$119.22

10.68 (9.84%)

18:24
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18:24
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Hasbro CEO: We have a great management team »

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