The stock of Paysafe Limited (PSFE) gained in the current market today after the company announced the purchase of common stock worth $2.8 million by its leadership and directors. In the current market, the stock is valued at $4.26 gaining 17.33% from the previously closed value. At the end of the last trading session, the stock closed at $3.64. The average volume of the stock traded was around 23.31 million.
Reason for the PSFE stock gain
After the company announced the news in a press release on its website, the stock gained significantly in the market. Paysafe Limited (PSFE) is one of the market-leading specialized payments platforms. In a press release the Chief Executive Officer Philip McHugh today announced that has he purchased approximately 290,000 shares of Paysafe’s common stock. The purchase price of the common shares was around $1.0 million. The purchase of the shares took place on the open market dated 3rd December 2021.
Also, the Company announced that other executive officers and independent Board members of Paysafe have purchased approximately 447,000 shares of Paysafe’s common stock. The purchase price of the common stock is valued at around $1.8 million. The purchase of the shares took place on the open market dated between 12th November and 3rd December 2021.
Effect on the stock gain
Investors were seen to be trusted to invest in its stock and resulted in the gain. The reason why they trust the company is that its leadership and directors are investing their money in the stock of its company. Due to which the trust factor is triggered and the investors were not seen shy in investing the stock of the company. This shows the progress of the company is going in the right direction which will eventually result in the profitability of the company.
Conclusion
This new development in the strategy will create an environment of stability for the stock of the company in a short-term perspective. The next challenge for the company will be the time when they will be announcing their next quarter and its performance.
