Green Dot (NYSE:GDOT) Shares Gap Up After Strong Earnings

Shares of Green Dot Corporation (NYSE:GDOT) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $10.65, but opened at $11.20. Green Dot shares last traded at $11.49, with a volume of 140,711 shares changing hands.

The financial services provider reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.04. The business had revenue of $519.72 million during the quarter, compared to analysts’ expectations of $508.09 million. Green Dot had a negative net margin of 4.75% and a positive return on equity of 6.93%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GDOT. Wall Street Zen cut Green Dot from a “hold” rating to a “sell” rating in a report on Saturday, March 14th. Craig Hallum reaffirmed a “buy” rating and issued a $18.00 price target on shares of Green Dot in a report on Tuesday. Northland Securities set a $14.25 price objective on Green Dot and gave the stock a “market perform” rating in a research report on Tuesday, November 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Green Dot in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Green Dot presently has a consensus rating of “Reduce” and a consensus price target of $13.56.

Hedge Funds Weigh In On Green Dot

Several institutional investors and hedge funds have recently bought and sold shares of GDOT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Green Dot by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,801 shares of the financial services provider’s stock worth $268,000 after buying an additional 1,341 shares during the last quarter. Caxton Associates LLP purchased a new stake in shares of Green Dot during the 1st quarter valued at approximately $96,000. Empowered Funds LLC lifted its holdings in Green Dot by 7.2% in the first quarter. Empowered Funds LLC now owns 198,919 shares of the financial services provider’s stock valued at $1,679,000 after acquiring an additional 13,437 shares during the last quarter. Jane Street Group LLC grew its position in Green Dot by 235.6% in the first quarter. Jane Street Group LLC now owns 447,546 shares of the financial services provider’s stock worth $3,777,000 after acquiring an additional 314,208 shares during the period. Finally, Geode Capital Management LLC grew its position in Green Dot by 0.5% in the second quarter. Geode Capital Management LLC now owns 1,280,956 shares of the financial services provider’s stock worth $13,812,000 after acquiring an additional 5,933 shares during the period. 92.56% of the stock is currently owned by institutional investors and hedge funds.

Green Dot Stock Performance

The firm has a 50 day simple moving average of $11.90 and a 200-day simple moving average of $12.52. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.52 and a quick ratio of 0.54. The company has a market cap of $619.90 million, a price-to-earnings ratio of -6.28 and a beta of 0.82.

Green Dot Company Profile

Green Dot Corporation (NYSE: GDOT) is a financial technology and bank holding company that provides prepaid debit cards, cash reload processing services and consumer banking products through its subsidiary, Green Dot Bank. The firm offers reloadable prepaid cards under its own brand and through partnerships with retailers, payments networks and banks. In addition to consumer-focused prepaid card accounts, Green Dot delivers payroll card services, government disbursement programs and B2B payment solutions that enable businesses to distribute funds digitally to end users.

Founded in 1999 by Steve Streit and headquartered in Austin, Texas, Green Dot began as a prepaid MasterCard provider sold through retail outlets.