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Needham Keeps a Buy Rating on Green Dot (GDOT)

Needham analyst Mayank Tandon reiterated a Buy rating on Green Dot (GDOTResearch Report) today and set a price target of $30.00. The company’s shares closed last Friday at $25.02, close to its 52-week low of $22.27.

According to TipRanks.com, Tandon is a 5-star analyst with an average return of 11.6% and a 49.8% success rate. Tandon covers the Technology sector, focusing on stocks such as SS&C Technologies Holdings, Duck Creek Technologies, and Grid Dynamics Holdings.

Currently, the analyst consensus on Green Dot is a Moderate Buy with an average price target of $34.83, implying a 36.5% upside from current levels. In a report released today, Craig-Hallum also maintained a Buy rating on the stock with a $40.00 price target.

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Based on Green Dot’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $401 million and net profit of $38.62 million. In comparison, last year the company earned revenue of $393 million and had a net profit of $25.74 million.

Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GDOT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Green Dot Corp. operates as a financial technology leader and bank holding company. It engages in the provision of prepaid cards, debit cards, checking accounts, secured credit cards, payroll debit cards, consumer cash processing services, wage disbursements, and tax refund processing services. It operates through the following segments: Account Services; and Processing and Settlement Services. The Account Services segment offers deposit account programs that can be acquired through omni-channel distribution platform. The Processing and Settlement Services segment comprises products and services that all specialize in facilitating the movement of funds on behalf of consumers and businesses. The company was founded by Steven W. Streit in October 1, 1999 and is headquartered in Pasadena, CA.

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