Why Shift4 Payments Stock Surprisingly Soared Today
Shares of fintech company Shift4 Payments (NYSE: FOUR) soared on Wednesday, which is surprising considering that it didn't have any news scheduled for today. But CEO Jared Isaacman has been busy buying shares of the payments processing company, and this has investors upbeat about its prospects. As of 2 p.m. ET on Wednesday, Shift4 stock was up 10%.
According to a filing with the Securities and Exchange Commission (SEC), Isaacman acquired nearly 86,000 shares of Shift4 yesterday. This often happens with publicly traded companies. That said, Isaacman's purchase is special because he used his own money at market prices -- no special deals or compensation here.
Shift4 stock has underperformed the S&P 500 over the last year and over the last three years, something that has frustrated Isaacman personally. But he's clearly bullish on his company's prospects, given that he's putting his own money on the line.
Source Fool.com
