Repay Holdings Sees Enduring Growth Amidst Shelter-In-Place Orders
While initially getting clobbered with the rest of the stock market in March, Repay Holdings (NASDAQ: RPAY) stock has rallied and is up about 27% to-date in 2020. The economic lockdown is having a detrimental effect on the performance of many digital payment platforms, and this company's REPAY service is no exception.
However, the company serves industries that are behind the curve in adopting real-time digital transactions -- an area that has become more important than ever during the coronavirus crisis. Thus, the company reported a big uptick in sales in the first quarter of the year, and it thinks business is unlikely to reverse course as the crisis eases.
REPAY kicked off 2020 with a 58% year-over-year increase in card volume to $3.8 billion. Paired with a handful of acquisitions in the last year, that led to big growth in results, including a 20% increase in organic gross profit growth from its core platform (60% when including acquisitions).
Source Fool.com
