10 Best Performing Affordable Stocks Under $40

​5. International Money Express, Inc. (NASDAQ:IMXI)

Price: $15.47

Forward P/E Ratio: 9.16

6-month Performance: 48.61%

Number of Hedge Fund Holders: 28

​International Money Express, Inc. (NASDAQ:IMXI) is one of the Best Performing Affordable Stocks Under $40. International Money Express, Inc. (NASDAQ:IMXI) has gained roughly 49% over the past 6 months. Recently, on January 5, Monness analyst reiterated a Hold rating on the stock with a price target of $16.

​Earlier on December 2, the company announced a partnership between its Intermex and Banco Industrial to launch a digital remittance service via the Zigi App. Intermex is a major remittance provider focused on Latin America and the Caribbean, while Banco Industrial is one of Guatemala’s leading banks. As a result of this partnership. Intermex’s Amigo Paisano app will be integrated with Zigi, enabling Guatemalans to receive money transfers directly into their accounts using a phone number. Management noted that this shift in remittances from cash pickups to instant and secure digital deposits.

​Moreover, International Money Express, Inc. (NASDAQ:IMXI) also noted that they plan to streamline the process of remittance by fully digitizing the flow from sender to receiver. Management believes that this integration will potentially boost adoption and also increase transaction volumes for the company.

​International Money Express, Inc. (NASDAQ:IMXI) provides omnichannel money remittance services, using proprietary technology to let consumers send funds from the US, Canada, and Europe to over 60 countries.