FOUR - Shift4 Payments drops amid new short report from Blue Orca

April, 19 2023 11:00 AM Shift4 Payments Inc. Class A

2023-04-19 11:00:07 ET

Shift4 Payments fell 12% amid a new short report from Blue Orca.
Blue Orca alleged in the short report on Wednesday that the payment processor's profit, EBITDA and cash flow appear to be "inflated."
Shift4 ( NYSE: FOUR ) didn't immediately respond to Seeking Alpha email request for comment.
Shift4 ( FOUR ) short interest is 17%.
A Truist analyst came out following the short report and defended the stock, saying investors should add the shares.
"We think this morning's negative FOUR piece is simply another opportunistic attack on fast growing FinTech which has been active in M&A and at one point had relatively aggressive accounting which has subsequently been cleaned up," Truist analyst Andrew Jeffrey, who has a buy rating and $87 price target on FOUR wrote on Wednesday.
Shift4 ( FOUR ) is scheduled to report Q1 results on May 4.
On Friday Stephens initiated coverage on Shift4 ( FOUR ) with an equal-weight rating.

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