Forager Fund, L.P., together with Forager Capital Management, LLC and principals Edward Urban Kissel and Robert Symmes MacArthur, disclosed a sequence of purchases in Repay Holdings Corp (NASDAQ: RPAY) executed from March 25 through March 27, 2026. The combined outlay for these buys totaled $1.93 million.
The transactions occurred across three days at incremental prices in the low single digits. On March 25, Forager purchased 174,779 shares at an average price of $2.92 per share. The next day the firm added 287,200 shares at an average price of $3.04. The activity concluded on March 27 with a purchase of 180,858 shares at an average price of $3.05. The three tranches together account for 642,837 shares purchased during the reporting window.
Following these acquisitions, Forager Fund, L.P. directly holds 9,242,937 shares of Repay Holdings Corporation's Class A common stock.
Market context
Repay's stock has been trading near its 52-week low of $2.30 and has declined 37.69% over the past six months. Third-party analysis from InvestingPro cited in public filings and commentary places a Fair Value of $3.88 on the shares, implying potential upside from current market levels. The same platform additionally notes that Repay's management has been active in repurchasing shares, a strategy that parallels Forager's recent accumulation.
The InvestingPro note also points users to a more detailed Pro Research Report on RPAY for investors seeking expanded coverage.
Corporate developments and shareholder response
Separately, Repay Holdings Corporation announced a definitive agreement to acquire Kubra Data Transfer Ltd. for approximately $372 million in cash. The company indicated that the purchase will be financed using a combination of cash on hand and debt financing. Repay secured a debt commitment letter from Truist Bank providing for a $500 million term loan and a $100 million undrawn revolving credit facility to support the transaction.
The acquisition has prompted pushback from Veradace Partners L.P., an investor that holds 8.4% of Repay's Class A shares. Veradace has publicly urged Repay's independent board members to abandon the deal and has recommended the addition of two shareholder representatives to the board. In its communications, Veradace cited limited engagement with the board since December 2025 as a motivating factor for its proposals.
Broker commentary following the acquisition announcement has been supportive in price-target terms: DA Davidson reiterated its Buy rating on Repay with a price target of $8.00, while Benchmark maintained its Buy rating and a $6.00 target. Repay has stated that the acquisition is intended to reposition the company as a bill-payment utility with monthly reach into more than 40% of U.S. and Canadian households.
Ongoing dynamics
The combination of concentrated insider buying, management share repurchases, an announced strategic acquisition, and visible activist pressure frames a critical juncture for Repay. The purchases by Forager occur while the company navigates lender-backed financing commitments for the acquisition and public disagreement from a sizeable shareholder over the proposed deal and board composition.
Investors and market participants observing RPAY will likely weigh the near-term financing path for the acquisition, the response of other institutional holders to both the deal and activist suggestions, and the stock's valuation relative to the Fair Value cited by InvestingPro.
Note: The factual details in this report reflect public disclosures and stated analyst assessments cited in regulatory and company filings.