Needham & Company LLC Lowers Green Dot (NYSE:GDOT) Price Target to $24.00

Green Dot (NYSE:GDOTGet Rating) had its target price lowered by research analysts at Needham & Company LLC from $30.00 to $24.00 in a note issued to investors on Thursday, Marketbeat.com reports. The firm presently has a “buy” rating on the financial services provider’s stock. Needham & Company LLC’s price target would suggest a potential upside of 23.78% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. William Blair cut Green Dot from an “outperform” rating to a “market perform” rating in a report on Monday, October 17th. Keefe, Bruyette & Woods dropped their price target on Green Dot from $27.00 to $22.00 in a research report on Monday, October 10th. Citigroup raised their price target on Green Dot to $28.00 in a research report on Tuesday, August 9th. Barclays downgraded Green Dot from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $31.00 to $25.00 in a research report on Monday, August 15th. Finally, StockNews.com initiated coverage on Green Dot in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $30.50.

Green Dot Price Performance

GDOT opened at $19.39 on Thursday. The business has a 50 day simple moving average of $19.24 and a 200-day simple moving average of $23.44. The stock has a market capitalization of $1.04 billion, a P/E ratio of 22.29 and a beta of 0.97. Green Dot has a 12 month low of $16.93 and a 12 month high of $44.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. ExodusPoint Capital Management LP lifted its stake in shares of Green Dot by 38.4% during the third quarter. ExodusPoint Capital Management LP now owns 103,255 shares of the financial services provider’s stock worth $1,960,000 after purchasing an additional 28,666 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Green Dot by 19.7% in the third quarter. Dimensional Fund Advisors LP now owns 1,679,003 shares of the financial services provider’s stock worth $31,869,000 after acquiring an additional 276,636 shares in the last quarter. UBS Group AG lifted its stake in shares of Green Dot by 20.8% in the third quarter. UBS Group AG now owns 1,834,011 shares of the financial services provider’s stock worth $34,809,000 after acquiring an additional 315,164 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Green Dot in the third quarter worth about $1,002,000. Finally, Jump Financial LLC lifted its stake in shares of Green Dot by 273.9% in the third quarter. Jump Financial LLC now owns 43,000 shares of the financial services provider’s stock worth $816,000 after acquiring an additional 31,500 shares in the last quarter. Institutional investors and hedge funds own 90.66% of the company’s stock.

About Green Dot

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Green Dot Corporation, a financial technology and bank holding company, provides various financial products to consumers and businesses in the United States. It operates through three segments: Consumer Services, Business to Business Services, and Money Movement Services. The company offers deposit account programs, including consumer and small business checking account products, network-branded reloadable prepaid debit cards and gift cards, and secured credit programs.

Further Reading

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