Forager Fund L.P., identified as holding about ten percent of Repay Holdings Corp. (NASDAQ: RPAY), disclosed the sale of shares of Class A common stock across three separate transactions that together totaled $1.93 million, according to a Form 4 filing with the Securities and Exchange Commission.
The disposals took place over three consecutive trading days. On March 25, Forager sold 174,779 shares at a weighted average price of $2.92, with executed prices ranging from $2.815 to $3.05. The following day, March 26, the fund sold 287,200 shares at a weighted average price of $3.04, in a price band of $3.005 to $3.05. The final reported sale occurred on March 27, when 180,858 shares were disposed of at a weighted average price of $3.05, with transactions recorded between $3.01 and $3.07.
Collectively, these transactions sum to $1.93 million in proceeds. After completing the sales, Forager Fund L.P. is listed as directly owning 9,242,937 shares of Repay Holdings Corp. Class A common stock.
The Form 4 filing indicates the sales were executed on behalf of Forager Capital Management, LLC, with Robert MacArthur signing on behalf of that managing member, and Edward Kissel also signing off on the reported transactions.
Market context noted in the filing and related disclosures highlights recent price movement for RPAY shares. The stock gained 18% over the past week even as it remained down 41% over the prior six months. Repay Holdings carries a reported market capitalization of $267 million.
Independent analysis referenced in the disclosure indicates that RPAY appears undervalued relative to its assessed Fair Value and is included on a Most Undervalued list. The filing also points to Repay Holdings' fourth-quarter 2025 financial results, which came in ahead of consensus estimates: earnings per share of $0.19 versus an expected $0.17, and revenue of $78.6 million compared with a forecast of $76.8 million. Those reported results have prompted some analysts to issue upgrades or make adjustments to their outlooks.
The filings do not elaborate on Forager's strategic rationale for the dispositions, and no new forward-looking guidance or changes to share ownership beyond the post-transaction holdings were disclosed in the Form 4.
Key points
- Forager Fund L.P. sold a total of 642,837 shares of RPAY across March 25-27, 2026, for $1.93 million in proceeds.
- The fund remains a significant holder, directly owning 9,242,937 shares following the sales.
- Repay Holdings reported Q4 2025 results above expectations (EPS $0.19 vs $0.17; revenue $78.6M vs $76.8M) and is listed as undervalued by the referenced Fair Value analysis.
Risks and uncertainties
- The filing documents the sales but does not state Forager Fund's reasons for reducing the stake, leaving investor motives unclear.
- RPAY has experienced marked short-term volatility - up 18% over the past week but down 41% over six months - which may affect liquidity and price execution.
- Analyst reactions to the company’s quarterly beat are noted, but the filing does not detail the scope or magnitude of upgrades or outlook changes.
This report is based solely on the Form 4 filing and the company financial results disclosed; it does not introduce information beyond what was included in those documents.