Online payments company Paysafe Limited (PSFE) recently announced the expansion of its partnership with Betfred USA Sports, a subsidiary of the U.K.-based bookmaker Betfred Group. Following the news, shares of the company appreciated marginally on Wednesday. The stock, however, declined slightly in extended trade and closed at $8.90.
With the expansion of this alliance, Betfred USA Sports will be able to use Income Access, the marketing technology and services provider of Paysafe, to launch its multi-state affiliate program.
Paysafe’s Income Access will also aid Betfred USA Sports in promoting a comprehensive range of wagering options across American and international sports.
The Chief Operating Officer of Paysafe’s Income Access, Tara Wilson, said, “This expanded partnership is an incredible opportunity for Paysafe to build on our momentum in the U.S. market while working to support our flagship American partner Betfred USA Sports’ long-term growth and success. For Income Access, this marks another important step in showcasing our ability to drive meaningful collaboration between our partners and affiliates in the regulated U.S. sports-betting space.” (See Paysafe stock chart on TipRanks)
Recently, BMO Capital analyst James Fotheringham reiterated a Buy rating on the stock with a price target of $13, which implies upside potential of 45.4% from current levels.
Consensus among analysts is a Strong Buy based on 7 unanimous Buys. The average Paysafe price target of $14.29 implies upside potential of 59.8% from current levels.
Paysafe scores a 6 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have declined 10.2% over the past year.
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