GreenSky (GSKY) Stock Price Down 1.8% After Analyst Downgrade

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GreenSky Inc (NASDAQ:GSKY) was down 1.8% during mid-day trading on Wednesday after SunTrust Banks lowered their price target on the stock to $11.00. SunTrust Banks currently has a buy rating on the stock. GreenSky traded as low as $8.55 and last traded at $9.12. Approximately 3,599,326 shares changed hands during trading, an increase of 154% from the average daily volume of 1,417,943 shares. The stock had previously closed at $9.28.

Other equities research analysts also recently issued research reports about the company. Citigroup cut their price target on GreenSky from $28.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, August 8th. Cowen raised GreenSky from a “neutral” rating to a “buy” rating in a report on Thursday, August 16th. Compass Point raised GreenSky from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, August 16th. They noted that the move was a valuation call. Zacks Investment Research raised GreenSky from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a report on Tuesday, October 9th. Finally, BTIG Research began coverage on GreenSky in a report on Thursday, October 11th. They set a “buy” rating and a $23.00 target price for the company. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $22.00.

In related news, Director Nigel W. Morris purchased 62,500 shares of the firm’s stock in a transaction that occurred on Friday, August 10th. The shares were bought at an average price of $15.69 per share, for a total transaction of $980,625.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Several hedge funds and other institutional investors have recently modified their holdings of GSKY. Sei Investments Co. bought a new position in shares of GreenSky in the second quarter worth $118,000. Mycio Wealth Partners LLC bought a new position in shares of GreenSky in the third quarter worth $180,000. California Public Employees Retirement System bought a new position in shares of GreenSky in the second quarter worth $212,000. EJF Capital LLC bought a new position in shares of GreenSky in the second quarter worth $212,000. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in shares of GreenSky in the second quarter worth $229,000. Institutional investors own 31.30% of the company’s stock.

GreenSky (NASDAQ:GSKY) last issued its quarterly earnings results on Tuesday, November 6th. The company reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.01. The company had revenue of $113.91 million during the quarter, compared to the consensus estimate of $121.28 million. The business’s quarterly revenue was up 29.0% compared to the same quarter last year. As a group, equities research analysts predict that GreenSky Inc will post 0.65 EPS for the current fiscal year.

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GreenSky Company Profile (NASDAQ:GSKY)

GreenSky, Inc, a technology company, provides point-of-sale financing and payment solutions to merchants, consumers, and banks. It offers a proprietary technology infrastructure that support the full transaction lifecycle, including credit application, underwriting, real-time allocation to bank partners, document distribution, funding, settlement, and servicing functions.

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