10% owner Forager Fund accumulates 913,711 shares across 3 purchases (Apr 7–9) for $2,304,426.28; stock down 52.0% from 52-week high.
Forager Fund, a 10% owner, executed 3 separate purchases totaling 913,711 shares (913.7K shares) for $2,304,426.28 at a blended average price of $2.52 per share over three consecutive trading days. This represents a 9.0% increase in the fund's holdings at RPAY. The company is unprofitable (net income of $-6,414,000.00 over the latest quarter) with negative annual revenue growth of -1.2%, and the stock trades at $2.86, down 52.0% from its 52-week high of $5.96 and down 24.7% over the 90-day period. While Forager's cross-ticker track record shows a 100% win rate on 10 prior buys with an average 90-day return of +47.4%, the fund's 5 prior purchases at RPAY itself lack measurable outcomes. The rapid succession of accumulation at depressed prices against a backdrop of operational losses and share price deterioration warrants close monitoring of the fund's thesis and subsequent positioning.