Raymond James Downgrades Payfare (TSE:PAY) to Market Perform

Payfare (TSE:PAY) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a research note issued to investors on Monday, MarketBeat Ratings 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 would suggest a potential upside of 46.34% from the company’s current price.

Payfare Price Performance

Shares of PAY opened at C$2.05 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.32 and a current ratio of 1.22. The firm has a market cap of C$98.36 million, a PE ratio of 5.13 and a beta of 2.12. Payfare has a twelve month low of C$1.76 and a twelve month high of C$8.90. The firm’s 50 day moving average price is C$7.63 and its 200 day moving average price is C$6.82.

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