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

Raymond James lowered shares of Payfare (TSE:PAY) from an outperform rating to a market perform rating in a report published on Monday, MarketBeat.com reports. They currently have C$3.00 target price on the stock, down from their prior target price of C$12.00.

Payfare Stock Performance

Payfare stock opened at C$2.10 on Monday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.22 and a quick ratio of 0.32. The firm has a market capitalization of C$100.76 million, a P/E ratio of 5.10 and a beta of 2.12. Payfare has a 1-year low of C$1.76 and a 1-year high of C$8.90. The company’s 50-day moving average is C$7.55 and its 200 day moving average is C$6.79.

Payfare (TSE:PAY) last issued 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 return on equity of 27.84% and a net margin of 9.62%. The business had revenue of C$55.99 million during the quarter, compared to analysts’ expectations of C$58.97 million. Research analysts forecast that Payfare will post 0.6901639 EPS for the current year.

About Payfare

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.