JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
FlexShopper, Inc. (NASDAQ:FPAY) announced Monday that its board of directors appointed John Davis, the company’s current chief operating officer, to the additional position of president. The appointment was effective as of July 8.
According to a statement in the press release, Davis, age 55, has served as chief operating officer since November 2020. Prior to that, he was a consultant to FlexShopper through Woodlands Financial Advisory LLC, where he served as chief executive officer. From May 2016 to March 2020, Davis was president of credit and collections and chief credit officer with Conn’s Homeplus, a specialty retailer.
Davis’s previous experience also includes roles as founder and chief executive officer of GFC Advisors, Ltd. from 2013 to 2016, president of e-commerce at DFC Global Corp from 2011 to 2013, managing director of MEM Consumer Finance in the United Kingdom (TADAWUL:4280) from 2010 to 2011, and managing director of forecasting and risk management at CompuCredit Corp. from 2000 to 2010. He holds a Bachelor of Science degree in Computer Information Science from the University of Delaware.
The company and Davis have an existing employment agreement, effective since February 23, 2022, under which Davis has served as chief operating officer. FlexShopper stated that it intends to amend the agreement following his appointment as president. The company also reported that Davis has not engaged in any related party transactions with FlexShopper during the last two fiscal years and that there are no family relationships between Davis and other executive officers or directors.
This information is based on a press release statement contained in a recent SEC filing. The company maintains a healthy liquidity position with a current ratio of 7.1, indicating strong ability to meet short-term obligations. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with in-depth financial metrics and expert analysis.
In other recent news, FlexShopper has received a 180-day extension from Nasdaq to file its overdue financial reports, including the 2024 annual report and first-quarter 2025 financial statements. This extension allows the company until October 13 to comply with Nasdaq’s listing requirements. FlexShopper is working with its independent auditor and external advisors to complete the audit process and expects to update the status of its delayed filings soon. Meanwhile, the company announced a strategic partnership with ICON Vehicle Dynamics, enabling customers to purchase off-road vehicle components using FlexShopper’s lease-to-own payment solutions. This collaboration aims to enhance purchasing options for ICON’s clientele by offering flexible payment plans.
Additionally, H.C. Wainwright has reiterated a Buy rating for FlexShopper, maintaining a price target of $2.50. Despite revenues falling short of expectations, the company reported higher gross margins and reduced operating expenses, leading to better-than-anticipated profitability for the fourth quarter of 2024. FlexShopper’s outlook for 2025 includes a gross profit range of $90.0 million to $100.0 million and an adjusted EBITDA between $40.0 million and $45.0 million, exceeding previous estimates. The company attributes this improved profitability to enhancements in asset quality and increased efficiency in marketing and general expenses. Analyst Scott Buck noted that FlexShopper’s ongoing rights offering and patent litigation could serve as significant catalysts for the stock in 2025.
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