Paysafe (NYSE:PSFE) shares are trending nearly 6% higher in the pre-market session today after the payments platform announced its numbers for the third quarter and reaffirmed its outlook for the full year.
During the quarter, revenue increased by 8.3% year-over-year to $396.4 million, with total payment volume on the platform rising by 8% to $35.1 billion. EPS of $0.57, however, lagged expectations by $0.02. The company is experiencing robust growth in eCommerce solutions and classic digital wallets. Additionally, adjusted EBITDA during the quarter surged by 22% to $116.1 million, and Paysafe’s net leverage multiple improved to 5.1x from 5.8x at the end of December 2022.
Looking ahead to Fiscal Year 2023, Paysafe expects revenue to be in the range of $1,595 million to $1,608 million. Adjusted EBITDA for the year is seen hovering between $454 million and $462 million. Additionally, the company has announced a share repurchase program worth $50 million.
Is Paysafe a Good Stock to Buy?
Overall, the Street has a Hold consensus rating on Paysafe. Following a nearly 38.5% slide in Paysafe shares over the past year, the average PSFE price target of $27.25 points to a 154.7% potential upside in the stock.
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