Why Shares of Paysafe Jumped Today
Shares of the British payments company Paysafe (NYSE: PSFE) jumped nearly 18% today after the company announced that a handful of insiders have been buying large amounts of the stock.
Paysafe announced in a press release today that CEO Philip McHugh on Dec. 3 bought roughly 290,000 shares of Paysafe stock at a total cost of roughly $1 million. The company also announced that between Nov. 12 and Dec. 3 other executive officers and board members bought 447,000 shares of Paysafe stock for roughly $1.8 million.
While insider selling can occur for different reasons, insider buying is almost always done because executives believe shares are undervalued and that the market is not pricing the stock appropriately. The moves, especially in these amounts, can send a jolt through the market as investors feed on the confidence.
Source Fool.com
