PaySign (NASDAQ:PAYS) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of PaySign (NASDAQ:PAYS) from a hold rating to a buy rating in a report published on Friday morning, Zacks.com reports. The brokerage currently has $3.25 price objective on the stock.

According to Zacks, “PaySign Inc. is a provider of prepaid card programs and processing services for corporate, consumer and government applications through its Paysign(R) brand. PaySign Inc., formerly known as 3PEA International Inc., is based in Henderson, Nevada. “

PAYS has been the subject of several other reports. LADENBURG THALM/SH SH raised shares of PaySign from a neutral rating to a buy rating and increased their price target for the company from $3.50 to $3.75 in a research report on Thursday, August 12th. DA Davidson upgraded shares of PaySign from a neutral rating to a buy rating and set a $3.50 price objective on the stock in a report on Thursday, August 19th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of $3.88.

PAYS stock opened at $2.82 on Friday. The firm has a market cap of $144.14 million, a price-to-earnings ratio of -10.85 and a beta of 1.46. The firm has a 50-day simple moving average of $2.62 and a two-hundred day simple moving average of $3.33. PaySign has a one year low of $2.34 and a one year high of $6.22.

PaySign (NASDAQ:PAYS) last released its quarterly earnings results on Tuesday, August 10th. The company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.01). The business had revenue of $6.65 million for the quarter. As a group, sell-side analysts expect that PaySign will post 0.04 EPS for the current year.

In related news, CEO Mark Newcomer sold 39,455 shares of the stock in a transaction that occurred on Thursday, July 1st. The shares were sold at an average price of $3.13, for a total value of $123,494.15. Following the transaction, the chief executive officer now owns 9,322,986 shares in the company, valued at approximately $29,180,946.18. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Joan M. Herman sold 76,004 shares of the stock in a transaction that occurred on Wednesday, September 8th. The stock was sold at an average price of $2.38, for a total transaction of $180,889.52. Following the completion of the transaction, the executive vice president now owns 836,615 shares in the company, valued at approximately $1,991,143.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 122,584 shares of company stock worth $326,827. Corporate insiders own 41.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Anchor Capital Advisors LLC grew its stake in shares of PaySign by 23.8% during the 2nd quarter. Anchor Capital Advisors LLC now owns 32,010 shares of the company’s stock worth $102,000 after purchasing an additional 6,155 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of PaySign by 23.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 48,085 shares of the company’s stock valued at $153,000 after buying an additional 9,254 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of PaySign by 38.7% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 33,500 shares of the company’s stock valued at $107,000 after buying an additional 9,342 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of PaySign during the 2nd quarter valued at approximately $32,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of PaySign during the 2nd quarter valued at approximately $38,000. 19.63% of the stock is currently owned by institutional investors and hedge funds.

About PaySign

PaySign, Inc engages in the provision of prepaid card programs and processing services for corporate, consumer and government applications. It specializes in corporate incentive products, payroll cards, general purpose re-loadable cards, and travel cards. It markets its prepaid solutions through its PaySign brand.

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