Online payments major Paysafe Limited (NYSE: PSFE) recently revealed that it has appointed Bruce Lowthers, the erstwhile President of FIS, as its new Chief Executive Officer and Executive Director.
Shares of the company were up almost 10% on Friday at the time of writing.
Lowthers, who has a stellar reputation in the fintech sector, will join the company by May 1, 2022. He succeeds Philip McHugh, who is stepping down as CEO and a member of the board.
Management Commentary
The Chairman of Paysafe’s board, Daniel Henson, said, “Bruce is an exceptional executive whose proven track record of driving sustained results and enterprise value is second to none. In particular, he has successfully scaled and transformed many global organizations. Paysafe is at an exciting inflection point on its journey and we are confident Bruce is the right leader to take it to the next level of growth.”
Partnership with betPARX
On April 7, the company announced an enhanced partnership agreement with betPARX. The partnership will enable Paysafe’s integration with betPARX’s technology partner Playtech’s iGaming PAM Information Management Solution (IMS) platform, and users in both Pennsylvania and New Jersey can make streamlined deposits to fund their betPARX accounts with their credit or debit card.
Wall Street’s Take
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on four Buys, two Holds and one Sell. PSFE’s average price target of $5.75 implies that the stock has upside potential of 73.7% from current levels. Shares have declined 76.8% over the past year.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Paysafe’s performance this quarter.
According to the tool, the Paysafe website recorded a 530.82% monthly rise in global visits in March, compared to the same period last year. Moreover, the footfall on its website has increased 343.53% year-to-date, compared to the previous year.
Conclusion
Paysafe’s stock has been under pressure for quite some time now. However, the appointment of Lowthers as its CEO and the extension of its partnership with betPARX may prove beneficial for the company.
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