Hedge Fund Assigns a 3-year $70 Price Target on $18 Stock in Finance Industry [GeoWire Weekly No. 69]
While perusing through Twitter, I came across a tweet that highlighted an investment letter by a long/short hedge fund based in New York, which included their bullish thesis on a company, together with its subsidiaries, engages in the money service and payment businesses in the United States and Canada, with a general increase of those activities in some select foreign countries.” A segment of the company’s operation deals with banknotes, which are "bills" or forms of currency that one party can use to pay another party. What caught my attention was that hedge fund has a three year price target of $70 on the stock, and it's currently selling at $18.69 with a P/E ratio of 10.5. We’ll get into the investment thesis in a second. It’s not often that we seriously track companies that are in finance related industries, but when the stock came across our screener in June of 2022, we couldn’t help but do a little more investigating into the fundamentals that were improving, of which success is dependent on some predominant trends in the travel sector that deals with international currency and payments.