Solas Capital Management LLC Makes New Investment in Euronet Worldwide, Inc. $EEFT

Key Points

• Solas Capital Management acquired 124,988 shares of Euronet Worldwide worth approximately $9.15 million, making EEFT 4.9% of its portfolio and its 12th-largest position.
• Institutional ownership remains high at 91.6%, with several other investment firms initiating or expanding positions in the company.
• Euronet reported quarterly EPS of $2.82, below the $2.93 consensus estimate, although revenue increased 3.2% year over year. Analysts maintain a consensus “Hold” rating with a $96 target price, compared with the stock’s $70.20 opening price.

Solas Capital Management LLC purchased a new position in shares of Euronet Worldwide, Inc. (NASDAQ:EEFT - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 124,988 shares of the business services provider's stock, valued at approximately $9,148,000. Euronet Worldwide makes up 4.9% of Solas Capital Management LLC's investment portfolio, making the stock its 12th largest position. Solas Capital Management LLC owned 0.33% of Euronet Worldwide as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Weitz Investment Management Inc. bought a new position in Euronet Worldwide during the fourth quarter valued at approximately $12,178,000. Y Intercept Hong Kong Ltd bought a new stake in Euronet Worldwide in the first quarter worth approximately $1,795,000. Rock Creek Group LP increased its stake in shares of Euronet Worldwide by 233.3% during the 4th quarter. Rock Creek Group LP now owns 100,000 shares of the business services provider's stock worth $7,611,000 after purchasing an additional 70,000 shares during the last quarter. New Age Alpha Advisors LLC increased its stake in shares of Euronet Worldwide by 102.6% during the 4th quarter. New Age Alpha Advisors LLC now owns 34,932 shares of the business services provider's stock worth $2,659,000 after purchasing an additional 17,690 shares during the last quarter. Finally, Reinhart Partners LLC. raised its holdings in shares of Euronet Worldwide by 24.9% during the 4th quarter. Reinhart Partners LLC. now owns 1,348,340 shares of the business services provider's stock valued at $102,623,000 after purchasing an additional 268,542 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Euronet Worldwide Stock Up 0.2%

Shares of Euronet Worldwide stock opened at $70.20 on Tuesday. Euronet Worldwide, Inc. has a 12-month low of $62.50 and a 12-month high of $98.47. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.47. The stock has a 50 day moving average price of $73.87 and a two-hundred day moving average price of $71.40. The stock has a market capitalization of $2.67 billion, a P/E ratio of 11.02, a PEG ratio of 0.56 and a beta of 0.82.

Euronet Worldwide (NASDAQ:EEFT - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The business services provider reported $2.82 EPS for the quarter, missing analysts' consensus estimates of $2.93 by ($0.11). Euronet Worldwide had a net margin of 6.63% and a return on equity of 28.60%. The firm's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.56 earnings per share. Equities analysts expect that Euronet Worldwide, Inc. will post 9.55 earnings per share for the current year.

Analyst Ratings Changes

EEFT has been the subject of several analyst reports. Needham & Company LLC lifted their price objective on shares of Euronet Worldwide from $85.00 to $90.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings downgraded shares of Euronet Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Finally, DA Davidson restated a "buy" rating and set a $102.00 target price on shares of Euronet Worldwide in a report on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $96.00.

Euronet Worldwide Profile

Euronet Worldwide, Inc is a global financial technology company specializing in electronic payment services and transaction processing. Through its three primary business segments—Electronic Funds Transfer (EFT) Network Services, epay® Prepaid and Payment Services, and Money Transfer—Euronet provides end-to-end solutions that enable secure, efficient and convenient payments for consumers, financial institutions and retailers worldwide.

In its EFT Network Services arm, Euronet operates one of the world's largest ATM and point-of-sale (POS) terminal networks, offering deployment, management and connectivity services.

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