Zacks Research Upgrades Green Dot (NYSE:GDOT) to "Hold"

Key Points

• Zacks Research upgraded Green Dot from “strong sell” to “hold,” while the broader analyst consensus remains “Hold” with a $16.12 target price.
• Green Dot shares opened at $12.32, down 0.7%, with a market capitalization of roughly $702 million and a 12-month trading range of $10.10 to $13.75.
• The company reported quarterly revenue of $591.29 million, exceeding estimates, but earnings per share of $0.26 fell short of the $0.37 consensus forecast; institutional investors own 92.56% of outstanding shares.

Green Dot (NYSE:GDOT - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Tuesday, Zacks reports.

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Green Dot in a research report on Friday, July 17th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $16.12.

Green Dot Stock Down 0.7%

Shares of GDOT opened at $12.32 on Tuesday. The business's 50 day moving average is $13.06 and its 200 day moving average is $12.82. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.07. Green Dot has a 12-month low of $10.10 and a 12-month high of $13.75. The company has a market capitalization of $701.95 million, a PE ratio of -24.15 and a beta of 0.83.

Green Dot (NYSE:GDOT - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). Green Dot had a positive return on equity of 6.92% and a negative net margin of 1.14%. The business had revenue of $591.29 million during the quarter, compared to the consensus estimate of $541.16 million. Research analysts expect that Green Dot will post 1.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Green Dot

A number of hedge funds have recently made changes to their positions in GDOT. OLD National Bancorp IN grew its holdings in shares of Green Dot by 17.6% in the first quarter. OLD National Bancorp IN now owns 11,766 shares of the financial services provider's stock valued at $132,000 after purchasing an additional 1,763 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Green Dot in the second quarter worth $26,000. Strs Ohio increased its position in Green Dot by 10.0% in the first quarter. Strs Ohio now owns 55,100 shares of the financial services provider's stock worth $618,000 after purchasing an additional 5,000 shares during the last quarter. Villanova Investment Management Co LLC raised its stake in Green Dot by 4.5% during the fourth quarter. Villanova Investment Management Co LLC now owns 209,211 shares of the financial services provider's stock valued at $2,680,000 after purchasing an additional 9,099 shares in the last quarter. Finally, Entropy Technologies LP purchased a new stake in Green Dot during the first quarter valued at $173,000. 92.56% of the stock is currently owned by hedge funds and other institutional investors.

About Green Dot

Green Dot Corporation is a financial technology and bank holding company that provides digital banking, prepaid debit card, payment processing and money-movement services in the United States. Through its subsidiary, Green Dot Bank, the company offers FDIC-insured banking products and supports consumers who may be underserved by traditional financial institutions.

The company's products include checking accounts, debit cards, direct-deposit services, cash deposits, bill payment, mobile banking tools and tax-related financial services.

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