1 Reason Smart Investors Are Watching MoneyGram International
MoneyGram International (NASDAQ: MGI) is the second-largest money transfer company in the world in terms of its infrastructure, with some 380,000 locations in more than 200 countries. Only Western Union is bigger, although there are many online competitors, like PayPalʻs Xoom.
MoneyGram has been good to investors the past couple of years, returning 160% in 2020 and 43% already in 2021 at Wednesday's close. But the company hit rock bottom in 2018 when it dropped 84% to about $2 per share after years of declines, from a high of $250 per share in 2006. The long, steady decline was due to a variety of reasons -- most prominent of which is its inability to bring its business online.
MoneyGram has started to bounce back in recent years, as it has poured a lot of money into ramping up its digital capabilities. But it suffered a setback this week when a partnership it made with cryptocurrency firm Ripple dissolved. What does this mean for MoneyGram?
Source Fool.com
