Investments

Payments Stocks Take Breather, Momentum Renews

Movements in payments stocks was decidedly to the downside, as declining names showed more dramatic shifting than did advancing issues.

Verifone Systems shares fell almost 10 percent on the week to $15.50, with corporate news coming out that the firm has launched a U.K.-focused point-of-sale financing app (which allows for installment payments). The app is being launched through the Verifone payments platform, which sits within its terminals. Though the stock slumped, it has retraced some of that drop as of Monday, gaining more than 6 percent. Likewise, USA Technologies showed losses of more than 7.5 percent, yet headlines specific to the company remained scarce.

Looking at names that rose in the past five sessions, WEX Inc. gained 4.6 percent, with the only recent headlines tied to the company coming from a ratings upgrade to buy from Zacks Investment Research from hold, with a $124 price target.

Square continued to ride the boost of analyst sentiment, improving as Deutsche Bank boosted its rating on the stock to buy, stating that the name remains undervalued and that there is “an inflection point” toward profitability. The gains in the stock, which have continued since an upbeat earnings report last month, continued to kick off the week, with a 1 percent gain on top of the 4 percent gains from the last five sessions.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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