BTRS Holdings Inc. (BTRS) shares lost 4.44% in after-hours on Monday, June 28, 2021, and closed the day at $13.13 per share. Earlier in the morning session, BTRS’s stock gained 5.69% to close Monday’s morning session at $13.74 per share. BTRS shares have risen 35.77% over the last 12 months, and they have moved down 6.02% in the past week. Over the past three months, the stock has lost 2.48%, while over the past six months, it has declined 17.23%.
Public Offering of Common Stock
On June 28, 2021, BTRS Holdings Inc commenced an underwritten secondary offering of 9,000,000 shares of the Company’s Class 1 common stock.BTRS will not receive any of the proceeds from the offering as all Class 1 common stock is being offered by existing shareholders. Underwrites can buy 1,350,000 additional shares from the existing shareholders of the Company’s Class 1 common stock on the same terms and conditions.
Debut at U.S Small-Cap Russell 2000® Index
On June 24, 2021, BTRS Holdings Inc announced that the Company will be added as a member of the Russell 2000® Index effective after the US market opens on June 28, 2021, as part of the Russell US index 2021 annual reconstitution.
The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe and is a subset of the Russell 3000® Index. Billtrust will also be automatically added to the appropriate growth and value indexes.
Billtrust Summit 2021
Billtrust Summit Awards Ceremony was held on May 20, 2021, in which KONE Inc., Gregory Poole Equipment and Global Industrial were recognized as Billtrust Rockstars of the Year, and Commerce Bank as Partner of the Year. ASICS, Design Air, Papé and H&E Equipment Service were also honoured.
New Business Payments Network 4.0
On May 18, 2021, Billtrust released the next major version of its Business Payments Network 4.0 (BPN) during its Billtrust Summit 2021 event. BPN 4.0 now supports the bi-directional exchange of transactional data and documents, enabling invoice presentment to accounts payable portals in addition to its existing payment and remittance acceptance capabilities.
Recent financial results announcement
On May 12, 2021, BTRS Holdings Inc released its financial results for its first quarter ended March 31, 2021.
Q1 2021 financial highlights
- BTRS Holdings earned a total revenue of $41.9 million in Q1 2021 compared to $34.1 million in Q1 2020.
- In Q1 2021 gross profit was $23.9 million compared to $16.6 million for the same period in 2020.
- The company suffered a net loss of $22.8 million in Q1 2021, compared to $7.1 million in Q1 2020.
The financial outlook for FY 2021
For FY 2021, Billtrustis expecting
- Total revenue to be in the range of $160 million to $166 million.
- Net revenue to be between $123 million to $129 million.
- Adjusted gross profit in the range of $85 million to $89 million.
- Adjusted EBITDA in the rage of loss of $14million to a loss of $16 million.
Conclusion
The public offering of common stock could be the reason behind its loss in the after-hours on Monday but it can also be the reason for its gains as well. Still, it’s not clear why BTRS lost its positivity on Monday evening.
