Specialised payments platform operator Paysafe (NYSE:PSFE) saw its stock make a bit of a recovery yesterday after having gone through a fairly harrowing time in the past year. The stock was in the middle of a strong rally yesterday and managed to clock gains of as much as 11%.
Trading Data
On Monday, PSFE stock gained 6.14% to $3.63 with more than 9.04 million shares traded, compared to its average volume of 16.70 million shares. The stock has moved within a range of $3.3600 – 3.6700 after opening trading at $3.37.
Paysafe Completes Acquisition of SafetyPay
While that was a strong upward move, it cannot be denied that the stock has been in doldrums for the past year and is still down by a staggering 78% for the period. That being said, it may be a good time to figure out if a recovery could be on the horizon for the Paysafe stock.
The company saw its stock soar yesterday after it announced that it had been successful in completing the acquisition of SatefyPay. It could prove to be a major acquisition for Paysafe considering the face that SatefyPay is currently one of the leading payment platforms in Latin America. Hence, the acquisition could open up a massive new emerging market for Paysafe and the excitement among investors is understandable. In light of the rally yesterday, it might be a sound move to add the stock to your watch lists for the time being.
Technical Data
PSFE stock is trading above the 20-Day and 200-Day Moving averages of $3.64 and $3.77 respectively. However, the stock is trading below the 50-Day moving average of $8.38. The stock is down 7% in the past month.
