— Jeff Ward, Lehigh Valley News Briefs
Shift4, the Lehigh County-based payment processor, has moved over the $10 billion market-capitalization mark.
Market capitalization equals current share price times number of shares outstanding, and as of 11 a.m. Tuesday, at $113.17 per share (NYSE:FOUR), Shift4’s “market cap” was $10.2 billion.
There are other measures of a company’s value, but market cap is quick and easy. It’s also volatile as it moves with the share price.
Shift4’s share price has been gaining for months, and with it, Forbes’ estimate of founder and Chief Executive Jared Isaacman’s net worth has increased. As of today, Isaacman is worth about $1.9 billion, according to Forbes.
He founded what is now Shift4 in 1999, when he was 16. The company processes payments for hotels, restaurants, casinos, sports teams and arenas, and other businesses. It has moved into crypto payments and loyalty programs, and is expanding in Europe.
Shift4 has reported some good news recently, and was added to the MidCap 400 Index, which can prompt funds that try to mimic the index to buy shares.
Today, the Memphis Grizzlies of the National Basketball Association said Shift4 will handle payments at the FedExForum (yes, that is how they spell it).
Shift4 will handle food and beverage sales in the arena, along with ticket purchases, the team said in a press release.
In the past 52 weeks, Shift4 shares have traded as high as $116.84 and as low as $65.87. The company’s headquarters is in Upper Saucon Township.
— Disclosure: I own shares of Shift4 as part of a buy-and-hold strategy (and it’s worked out pretty well this year).
Lehigh Valley News Briefs 