BM Technologies (NYSE:BMTX) Trading Down 1.2% – Here’s What Happened

BM Technologies, Inc. (NYSE:BMTX) shares dropped 1.2% on Monday . The stock traded as low as $4.71 and last traded at $4.74. Approximately 359,876 shares were traded during mid-day trading, an increase of 176% from the average daily volume of 130,385 shares. The stock had previously closed at $4.80.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Northland Capmk downgraded shares of BM Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Northland Securities upgraded shares of BM Technologies from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $3.50 to $5.40 in a research note on Thursday, August 22nd. Finally, Maxim Group reissued a “hold” rating on shares of BM Technologies in a report on Monday, October 28th.

BM Technologies Stock Down 1.2 %

The stock has a fifty day moving average of $4.38 and a 200-day moving average of $3.41. The firm has a market capitalization of $57.35 million, a P/E ratio of -4.27 and a beta of 0.18.

Institutional Inflows and Outflows

An institutional investor recently raised its position in BM Technologies stock. Renaissance Technologies LLC raised its holdings in BM Technologies, Inc. (NYSE:BMTX) by 323.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 134,106 shares of the company’s stock after acquiring an additional 102,406 shares during the quarter. Renaissance Technologies LLC owned about 1.11% of BM Technologies worth $302,000 as of its most recent SEC filing. Institutional investors own 20.15% of the company’s stock.

BM Technologies Company Profile

BM Technologies, Inc, a financial technology company, facilitates deposits and banking services between a customer and its partner banks in the United States. It offers digital banking and disbursement services to consumers and students through a full service fintech banking platform. The company was formerly known as BankMobile Technologies, Inc and changed its name to BM Technologies, Inc in January 2021.