Forager Fund, L.P., together with related investment entities, reduced its exposure to Repay Holdings Corp (NASDAQ: RPAY) in a sequence of market sales executed between April 7 and April 9, 2026. The group sold a total of 913,611 shares, generating $2,304,426 in proceeds.
All transactions were recorded with a transaction code "P". The weighted average sale prices varied across the three days: on April 7, Forager and affiliates sold 350,000 shares at an average price of $2.42; on April 8, 484,720 shares were sold at an average price of $2.57; and on April 9, 78,991 shares were sold at an average price of $2.68.
These dispositions took place while RPAY shares have been under pressure, falling 41% over the preceding six months and trading at $2.86 at the time of the report. InvestingPro analysis cited in company commentary places a Fair Value for RPAY at $3.79. The stock carries a beta of 1.59, indicating relatively high volatility versus the market.
After the sales, Forager Fund, L.P. and associated entities retain a direct holding of 11,106,648 shares of Repay Holdings Corp Class A common stock. Forager Capital Management, LLC serves as the general partner of Forager Fund, L.P. Edward Urban Kissel and Robert Symmes MacArthur, principals of Forager Capital Management, LLC, share authority over the shares. Both Mr. Kissel and Mr. MacArthur disclaim beneficial ownership of the shares except to the extent of their pecuniary interest.
Repay itself has been active on the strategic and operational fronts. The company reported fourth-quarter 2025 results that exceeded analyst expectations: earnings per share of $0.19 compared with a $0.17 consensus forecast, and revenue of $78.6 million versus an anticipated $76.8 million.
In a material corporate move, Repay announced a definitive agreement to acquire Kubra Data Transfer Ltd. for approximately $372 million in cash. Management described the acquisition as a step to position Repay as a bill-payment utility reaching more than 40% of U.S. and Canadian households on a monthly basis. Financing for the transaction is planned through a mix of cash on hand and debt, with Truist Bank providing a commitment for a $500 million term loan.
The proposed acquisition has drawn criticism from a sizable shareholder. Veradace Partners L.P., which holds 8.4% of Repay’s Class A shares, publicly urged the company to abandon the Kubra deal in an open letter to the board.
Despite the shareholder objection, two brokerages reiterated bullish stances following the acquisition announcement. Benchmark maintained a Buy rating with a $6.00 price target, and DA Davidson reiterated its Buy rating with an $8.00 target.
The sequence of insider selling by Forager Fund, the company’s recent quarterly outperformance, and the contested but underwritten acquisition together mark a period of pronounced activity and investor attention for Repay Holdings.