Shift4 stock soars after IPO in vote of confidence for economic recovery

 Breaking News
  • No posts were found

Shift4 stock soars after IPO in vote of confidence for economic recovery

June 09
01:08 2020
Shift4 stock soars after IPO in vote of confidence for economic recovery

Allentown, Pa.-based payment processing company, Shift4 Payments Inc, sees a surge in their stock after their initial public offering

Shift4 is a payment processor for the hospitality industry that has become the toast of investors in recent times. The company handles the processing of payments for organizations in the hospitality industry. The categories of clients include hotels, resorts, restaurants, and other leisure-related businesses that were thought to be among the most vulnerable due to COVID-19 pandemic that led to lockdown restrictions and significant drop in travel demand.

Chief Executive Jared Isaacman told MarketWatch that the company had a “pretty good view” of the beginning of the economic recovery based on its payment data. This informed the decision to proceed with the offering.

“We weren’t surprised at all when we saw the jobs report,” he said of Friday’s numbers, which showed a surprise increase in payrolls. “That coincides with what we saw in our data for the better part of two months now.”

Shift4 has carved a niche for itself, serving businesses with unique payment-processing needsin the leisure market. Many of the company’s customers use multiple types of commerce software for their various arms, with Shift4 connecting payment-processing services to this software. The company is also in char