Investments

A Bit Of Upside To Payments Stocks In The Week That Was

Payment stocks posted mixed results through the past week, with a bit more weighting to the upside. The biggest gainer on the week was Mitek Systems, which grabbed a 10 percent rally and which may have been spurred by news earlier in the month that the company’s Mobile Deposit solution has cumulatively processed $1 trillion in check values.

USA Technologies was somewhat close behind, with an 8 percent gain, where the company said via release that it had achieved its three-year goal of 500,000 connections to its ePort Connect service. That threshold was reached during the third fiscal quarter, which ended March 31.

Planet Payment trailed a bit with a 4 percent rally, and though there was no company-specific news during the period, Barrington Research did publish earnings estimates for the quarters and years ahead.

By way of contrast to the gainers, the losing side of the payment stock book was relatively clustered around 3 percent declines or slightly less.  Verifone Systems saw its common shares sink 3 percent, though with no news in tow. Likewise, Green Dot was down a similar amount, with the last company announcement, roughly a month ago, coming as the firm stated that it had initiated a $50 million stock repurchase program.

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