Benzinga | Aug 5, 2020 11:26AM EDT

Why International Money Express's Stock Is Trading Higher Today

International Money Express (NASDAQ:IMXI) shares are trading higher on Wednesday after the company reported better-than-expected second-quarter EPS and sales results. mJMP Securities also upgraded the stock from Market Perform to Outperform and announced an $18 price target.

International Money Express is a processor of money transfer services in the US to Latin America corridor (LAC). The company offers services in approximately 50 states and Latin American countries. Computer and telephone-based options are available for convenient wire transfers. The company offers wire transfer, money order, and cash checking services, while the majority of the revenue is earned from wire transfer and money order fees.

International Money Express shares were trading up 18.17% to $16.78 at time of publication on Wednesday. The stock has a 52-week high of $17.41 and a 52-week low of $6.46.