Currenc Group (NASDAQ:CURR) Stock Price Up 6.3% – Here’s Why

Currenc Group Inc. (NASDAQ:CURR) shares were up 6.3% on Monday . The stock traded as high as $3.95 and last traded at $3.86. Approximately 223,210 shares changed hands during trading, an increase of 45% from the average daily volume of 154,141 shares. The stock had previously closed at $3.63.

Analysts Set New Price Targets

Separately, UBS Group assumed coverage on shares of Currenc Group in a research note on Wednesday, June 24th. They issued a “reduce” rating on the stock. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Currenc Group currently has an average rating of “Sell”.

Currenc Group Stock Performance

The company has a market capitalization of $295.71 million, a P/E ratio of -12.87 and a beta of 0.11. The business has a 50 day moving average of $3.10 and a 200 day moving average of $2.86. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. XTX Topco Ltd grew its holdings in shares of Currenc Group by 66.5% in the fourth quarter. XTX Topco Ltd now owns 42,104 shares of the company’s stock valued at $75,000 after purchasing an additional 16,821 shares in the last quarter. Virtu Financial LLC purchased a new stake in Currenc Group during the fourth quarter valued at $31,000. Kestra Advisory Services LLC purchased a new stake in Currenc Group during the first quarter valued at $152,000. Finally, Two Sigma Investments LP bought a new position in Currenc Group during the third quarter valued at $100,000. 56.01% of the stock is currently owned by institutional investors.

About Currenc Group

Currenc Group, Inc engages in operating a fintech banking platform. It operates through the following segments: Remittance Services, Sales of Airtime, and Other Services. The company is headquartered in Singapore.