Payfare (TSE:PAY) Trading Down 1.9% – Here’s Why

Payfare Inc. (TSE:PAY)’s share price traded down 1.9% during mid-day trading on Friday . The company traded as low as C$2.04 and last traded at C$2.08. 859,977 shares changed hands during trading, an increase of 249% from the average session volume of 246,062 shares. The stock had previously closed at C$2.12.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PAY. Cantor Fitzgerald raised Payfare to a “strong-buy” rating in a report on Thursday, October 3rd. Raymond James lowered shares of Payfare from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from C$12.00 to C$3.00 in a research note on Monday, September 30th. Finally, B. Riley downgraded shares of Payfare from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 27th.

Payfare Stock Performance

The firm’s 50 day simple moving average is C$5.69 and its 200-day simple moving average is C$6.21. The company has a market capitalization of C$99.80 million, a price-to-earnings ratio of 5.20 and a beta of 1.80. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.32 and a current ratio of 1.22.

Payfare (TSE:PAY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported C$0.16 earnings per share for the quarter, missing the consensus estimate of C$0.17 by C($0.01). Payfare had a net margin of 9.62% and a return on equity of 27.84%. The business had revenue of C$55.99 million for the quarter, compared to analyst estimates of C$58.97 million. Analysts expect that Payfare Inc. will post 0.1716172 EPS for the current year.

Payfare Company Profile

Payfare Inc, a financial technology company, provides instant payout and digital banking solutions to gig economy workers in Canada, the United States, and Mexico. The company offers PayFare, a platform that provides access to earnings, as well as banking services, such as ATM withdrawals, funds transfers, bill payments, and savings wallets; Paid Portal by Payfare, a payout solution for gig workforces; and Paid App by Payfare, a digital banking app.