Zacks Investment Research Downgrades GreenSky (GSKY) to Sell

Zacks Investment Research cut shares of GreenSky (NASDAQ:GSKY) from a hold rating to a sell rating in a report published on Tuesday morning.

According to Zacks, “GreenSky Inc. operates as a technology company. It offers proprietary technology infrastructure platform to supports the full transaction lifecycle, including credit application, underwriting and real-time allocation. The company’s proprietary technology powered platform enables merchants to offer frictionless promotional payment options to consumers, driving increased sales volume and accelerated cash flow. GreenSky Inc. is headquartered in Atlanta, Georgia. “

GSKY has been the topic of several other research reports. SunTrust Banks reaffirmed a buy rating and set a $30.00 price target on shares of GreenSky in a research report on Wednesday, August 8th. Raymond James lowered their price target on GreenSky from $26.00 to $23.00 and set an outperform rating on the stock in a research report on Monday, November 5th. Citigroup lowered their price target on GreenSky from $28.00 to $26.00 and set a buy rating on the stock in a research report on Wednesday, August 8th. Goldman Sachs Group lowered GreenSky from a buy rating to a neutral rating and lowered their price target for the stock from $31.00 to $11.00 in a research report on Wednesday, November 7th. Finally, BTIG Research lowered GreenSky from a buy rating to a neutral rating and set a $23.00 price target on the stock. in a research report on Tuesday, November 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $20.62.

Shares of NASDAQ:GSKY traded up $0.19 during trading on Tuesday, hitting $9.41. 74,512 shares of the company were exchanged, compared to its average volume of 4,074,219. GreenSky has a fifty-two week low of $8.55 and a fifty-two week high of $27.01.

GreenSky (NASDAQ:GSKY) last posted its quarterly earnings results on Tuesday, November 6th. The company reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The company had revenue of $113.91 million for the quarter, compared to analyst estimates of $121.28 million. The firm’s revenue for the quarter was up 29.0% on a year-over-year basis. Research analysts forecast that GreenSky will post 0.57 EPS for the current fiscal year.

In other GreenSky news, insider Dennis I. Kelly bought 27,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 8th. The shares were acquired at an average cost of $9.06 per share, with a total value of $244,620.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Morgan Stanley grew its holdings in GreenSky by 84.2% in the 3rd quarter. Morgan Stanley now owns 105,807 shares of the company’s stock valued at $1,905,000 after buying an additional 48,369 shares in the last quarter. Soros Fund Management LLC grew its holdings in GreenSky by 636.0% in the 3rd quarter. Soros Fund Management LLC now owns 622,054 shares of the company’s stock valued at $11,197,000 after buying an additional 537,532 shares in the last quarter. Verition Fund Management LLC grew its holdings in GreenSky by 905.6% in the 3rd quarter. Verition Fund Management LLC now owns 162,570 shares of the company’s stock valued at $2,926,000 after buying an additional 146,404 shares in the last quarter. RBF Capital LLC acquired a new position in GreenSky in the 3rd quarter valued at $185,000. Finally, The Manufacturers Life Insurance Company acquired a new position in GreenSky in the 3rd quarter valued at $6,174,000. 33.83% of the stock is currently owned by hedge funds and other institutional investors.

About GreenSky

GreenSky, Inc, a technology company, provides point-of-sale financing and payment solutions to merchants, consumers, and banks. It offers a proprietary technology infrastructure that support the full transaction lifecycle, including credit application, underwriting, real-time allocation to bank partners, document distribution, funding, settlement, and servicing functions.

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