Scott Buck, an analyst from H.C. Wainwright, reiterated the Buy rating on FlexShopper (FPAY – Research Report). The associated price target is $2.00.
Scott Buck’s Buy rating for FlexShopper (FPAY) is influenced by a combination of factors. FlexShopper’s third-quarter results surpassed expectations with revenue standing at $31.4M, significantly above Buck’s estimate of $25.7M. Additionally, the company’s management expressed optimistic projections for the fourth quarter, indicating strong origination trends that are likely to augment revenue growth within the next year. Buck also noted the company’s ongoing expansion and adjustment of its offerings, which have improved efficiency and decreased marketing spend, as a positive factor.
Moreover, Buck views the recent quarter as a turning point for FlexShopper, expecting more consistent results moving forward. He believes that the company’s new initiatives, which are driving origination volume, and sustained asset profitability levels are likely to result in significant operating leverage in future quarters. Furthermore, Buck is encouraged by the recent financial performance of FlexShopper, including substantial loan revenue and fees, which led to an adjusted EBITDA of $8.4M, far surpassing his loss estimate of $0.1M. Based on these factors, Buck recommends investors to capitalize on the current attractive valuation of FlexShopper to accumulate shares.
According to TipRanks, Buck is an analyst with an average return of -20.9% and a 26.16% success rate. Buck covers the Technology sector, focusing on stocks such as SoundHound AI, Inc Class A, Lightpath Technologies, and Mitek Systems.
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FlexShopper (FPAY) Company Description:
FlexShopper, Inc. is a holding company, which engages in the provision of furniture, electronics, appliances and other popular brand name goods on lease through its subsidiaries. The company was founded by George F. Rubin, Morry F. Rubin, and Brad Mitchell Bernstein on August 16, 2006 and is headquartered in Boca Raton, FL.
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