AssessmentWhat are your thoughts on the recent news with Payfare? Is this a miscommunication or is something deeply wrong with their internal controls? They did reiterate guidance for the quarter that helped the stock.
We think it is largely a non-event. There is a specifically stated reason for the delay, it is only 10 days, and the company has re-affirmed its prior guidance. As far as delays go, it seems fairly innoculous.
We think PAY is solid fundamentally. It has big name customers and is growing at a high rate. There are inherent risks due to size and limited operating history, but we are fine starting a small speculative position in it. (5iResearch)