Green Dot (NYSE:GDOT) Given New $42.00 Price Target at Needham & Company LLC

Green Dot (NYSE:GDOT) had its target price trimmed by Needham & Company LLC to $42.00 in a research report sent to investors on Thursday morning, The Fly reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts have also commented on GDOT. Guggenheim lowered shares of Green Dot from a buy rating to a neutral rating in a report on Thursday, May 9th. Craig Hallum cut their target price on shares of Green Dot from $115.00 to $100.00 and set a buy rating on the stock in a research report on Thursday, May 9th. SunTrust Banks cut their target price on shares of Green Dot to $70.00 and set a buy rating on the stock in a research report on Thursday, May 9th. Keefe, Bruyette & Woods downgraded shares of Green Dot from an outperform rating to a market perform rating and cut their target price for the company from $60.00 to $35.00 in a research report on Thursday. Finally, Citigroup downgraded shares of Green Dot from a buy rating to a neutral rating in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $65.38.

NYSE:GDOT traded up $2.40 during trading hours on Thursday, hitting $29.82. 3,564,400 shares of the company traded hands, compared to its average volume of 794,471. The company has a market capitalization of $2.46 billion, a PE ratio of 11.79 and a beta of 0.96. Green Dot has a twelve month low of $24.19 and a twelve month high of $93.00. The stock’s 50-day moving average price is $48.13. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.04 and a quick ratio of 1.04.

Green Dot (NYSE:GDOT) last posted its earnings results on Wednesday, August 7th. The financial services provider reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.33. Green Dot had a net margin of 10.56% and a return on equity of 15.74%. The business had revenue of $278.33 million for the quarter, compared to analyst estimates of $266.93 million. During the same quarter in the prior year, the firm earned $0.74 EPS. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. On average, analysts expect that Green Dot will post 2.09 EPS for the current year.

In related news, insider Konrad Alt sold 919 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $41.91, for a total value of $38,515.29. Following the completion of the transaction, the insider now owns 76,724 shares of the company’s stock, valued at $3,215,502.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Glinda Bridgforth-Hodges sold 6,787 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $47.43, for a total value of $321,907.41. Following the completion of the transaction, the director now directly owns 2,578 shares of the company’s stock, valued at approximately $122,274.54. The disclosure for this sale can be found here. Insiders have sold 13,238 shares of company stock valued at $630,772 in the last three months. Insiders own 7.80% of the company’s stock.

A number of hedge funds have recently bought and sold shares of GDOT. Tortoise Index Solutions LLC acquired a new position in Green Dot in the first quarter valued at approximately $43,000. Manchester Capital Management LLC acquired a new position in shares of Green Dot during the first quarter worth approximately $53,000. FNY Investment Advisers LLC raised its position in shares of Green Dot by 708.8% during the first quarter. FNY Investment Advisers LLC now owns 1,100 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 964 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Green Dot during the second quarter worth approximately $68,000. Finally, Advisory Services Network LLC raised its position in shares of Green Dot by 81.8% during the second quarter. Advisory Services Network LLC now owns 2,000 shares of the financial services provider’s stock worth $98,000 after purchasing an additional 900 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

About Green Dot

Green Dot Corporation operates as a financial technology and bank holding company in the United States. It operates in two segments, Account Services, and Processing and Settlement Services. The company offers deposit account programs, such network-branded reloadable prepaid debit cards under the consumer brand names of GPR cards, consumer and small business checking accounts, network-branded gift cards, secured credit cards, and other financial services.

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