Shares of Shift4, the Lehigh Valley-based payment-processor, have been moving up.
The stock (NYSE: FOUR) has gained $11.61, or 17%, since Aug. 8, when the company reported earnings. Since then, Shift4 has put out statements about a $1.1 billion sale of debt and an agreement to handle payments for the Indian Pacers of the National Basketball Association. Both are good news but do not explain the big gain in the shares.
The price still remains below the 52-week high of $92.30. The Upper Saucon Township, Pennsylvania-based company was soliciting bids earlier this year, but Chief Executive and founder Jared Isaacman said in March that offers for the company he founded as a teenager were not high enough.
Shift4 processes credit-card payments for hotels, restaurants, teams and other businesses, along with non-profit groups. It has been expanding into Europe.
Shares were trading at $80.01 early Thursday, after a $4.14 gain the day before. The company has a market capitalization of $7.1 billion.
Shift4’s website is https://www.shift4.com
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