Pushpay shrugs off 22% drop in share price after NZX says 'please explain'

Tuesday 22nd December 2015

Pushpay Holdings says it has no material information to declare to the market, in response to a 'please explain' notice from the NZX over a 22 percent slump in the share price.

The stock market operator queried the movement in Pushpay's shares when they sank to $5.85 from $7.50 between Dec. 9 and Dec. 22. Since then, the company hasn't announced anything to the market to explain the fall, and replied that it complies with all continuous disclosure obligations.

The mobile payments app developer's shares have more than doubled this year, and recently traded at $6.28, up 14 percent since midday. Pushpay announced the NZX notice and its response to the market at 12.21pm.

In November, Pushpay said it widened its first-half loss while revenue more than tripled, and that it was confident it would reach its annualised committed monthly revenue target of $28 million in the year to March 31, 2016. The number of merchants using the app increased 111 percent to 2,102, beating its 2,000 target.

Pushpay provides mobile commerce tools that help make payments easy between consumers and merchants and is geared to mobile charitable giving. It’s targeting the US faith sector for growth, where there are more than 314,000 churches with an average 500 attendees each, along with non-profit organisations and enterprises.

The company listed on the New Zealand Alternative Index on Aug. 14, 2014, with shares priced at $1, and moved to the main board on Jun. 9 this year.

BusinessDesk.co.nz

Comments from our readers

No comments yet