By Sam Boughedda
Investing.com — Paysafe Ltd (NYSE:PSFE) shares are up 13% in Wednesday morning trading after the company told investors that its Chief Executive Officer Philip McHugh, and other executive directors and board members have purchased $2.8 million of stock.
McHugh acquired 290,000 shares for approximately $1 million. The shares were purchased on Dec. 3.
The executive officers and board members purchased roughly 447,000 shares totaling approximately $1.8 million, with the shares purchased between Nov. 12 and Dec. 3.
In November, the company reported its third quarter earnings, missing analyst expectations and lowering its fourth quarter and fiscal year 2021 revenue forecast. As a result, its shares fell over 40%, and analysts moved to lower price targets and downgrade the stock.