BM Technologies (NYSE:BMTX) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of BM Technologies (NYSE:BMTX) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. They currently have $15.00 price target on the stock.

According to Zacks, “BM Technologies Inc. provides mobile-first banking platforms principally in the U.S. It offers access to checking and savings accounts, personal loans and credit cards. BM Technologies Inc., formerly known as Megalith Financial Acquisition Corp., is based in NEW YORK. “

Separately, Chardan Capital started coverage on BM Technologies in a research report on Tuesday. They issued a buy rating and a $21.00 target price for the company.

Shares of BM Technologies stock opened at $13.58 on Wednesday. The firm’s 50-day moving average is $9.66 and its 200 day moving average is $10.70. BM Technologies has a 1 year low of $7.68 and a 1 year high of $18.35.

BM Technologies (NYSE:BMTX) last announced its quarterly earnings results on Monday, November 15th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.11. As a group, analysts expect that BM Technologies will post 0.34 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC purchased a new stake in shares of BM Technologies during the 1st quarter valued at about $1,020,000. Northern Trust Corp purchased a new stake in shares of BM Technologies during the 1st quarter valued at about $296,000. Citigroup Inc. purchased a new stake in shares of BM Technologies during the 1st quarter valued at about $31,000. Bank of New York Mellon Corp bought a new position in shares of BM Technologies during the 1st quarter valued at approximately $422,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of BM Technologies during the 1st quarter valued at approximately $4,278,000. 32.75% of the stock is owned by institutional investors and hedge funds.

About BM Technologies

BM Technologies, Inc is a technology company that provides banking services through its partner banks. It offers a mobile banking platform in the U.S. that provides access to checking and savings accounts, personal loans and credit cards. The company’s operating model enables partner banks to provide banking services to low and middle-income Americans who have been left behind by the fee model of traditional banks.

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