Payfare (TSE:PAY) Downgraded by Raymond James to Market Perform

Payfare (TSE:PAY) was downgraded by equities researchers at Raymond James from an “outperform” rating to a “market perform” rating in a research report issued on Monday, Marketbeat reports. They currently have a C$3.00 target price on the stock, down from their prior target price of C$12.00. Raymond James’ price objective suggests a potential upside of 46.34% from the company’s previous close.

Payfare Stock Up 1.5 %

PAY stock opened at C$2.05 on Monday. The stock has a market capitalization of C$98.36 million, a price-to-earnings ratio of 5.13 and a beta of 2.12. The company has a 50-day moving average of C$7.63 and a two-hundred day moving average of C$6.82. Payfare has a 52-week low of C$1.76 and a 52-week high of C$8.90. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.22 and a quick ratio of 0.32.

Payfare (TSE:PAY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported C$0.16 EPS for the quarter, missing analysts’ consensus estimates of C$0.17 by C($0.01). Payfare had a return on equity of 27.84% and a net margin of 9.62%. The business had revenue of C$55.99 million for the quarter, compared to analyst estimates of C$58.97 million. As a group, equities research analysts anticipate that Payfare will post 0.6901639 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.