Here's Why Paysafe Stock Lost a Staggering 74% of Its Value in 2021
Shares of Paysafe Limited (NYSE: PSFE) fell 74.1% in 2021, according to data provided by S&P Global Market Intelligence. The S&P 500 was up roughly 27% for the year, so Paysafe underperformed by a wide margin. In reality, it's hard to find many instances in which the stock was up -- it declined steadily throughout the year. However, its downward slide was punctuated with three sharp drops, all coinciding with the releases of its quarterly financial results.
Paysafe is a payment-processing solution used in industries like iGaming and e-commerce. It went public via a special purpose acquisition company (SPAC) called Foley Trasimene Acquisition Corp. II. The deal was announced at the end of 2020 but didn't close until March 25 of 2021. Therefore, for part of the year, Paysafe was still trading as Foley Trasimene. And because of that, not everything was known about Paysafe prior to the closing of the SPAC merger in March.
Image source: Getty Images.
Source Fool.com
