Why MoneyGram International Stock Surged Today
Shares of cross-border payment company MoneyGram International (NASDAQ: MGI) surged on Friday after reporting financial results for the first quarter of 2021. The stock actually started the morning flat before steadily climbing and peaking around 1 p.m. EDT. It's pulled back some, but as of 2:40 p.m. EDT, MoneyGram stock was still up 21%.
MoneyGram has agents in brick-and-mortar locations waiting to help customers with their cross-border payments. However, it also deals with consumers directly through its MoneyGram Online (MGO) services. Revenue in Q1 was only up 3% year over year when you account for currency fluctuations. However, MGO revenue was up 119%, reaching record highs for customers and transactions.
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Source Fool.com
