Why the QuickFee (ASX:QFE) share price jumped higher today

The company's shares received a boost on Wednesday.

| More on:
A man happily kisses a $50 note scrunched up in his hands representing the best ASX dividend stocks in Australia today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The QuickFee Ltd (ASX: QFE) share price finished the day in the green following the company's CEO transition and trading update.

By close of trade, shares in the professional services payment provider had travelled 2.04% higher to 25 cents. In earlier trade, the company's shares leapt by as much as 12.2% to 27.5 cents before retreating to their current level.

CEO transition completed

Investors were buying up QuickFee shares in response to the company's latest news.

In a statement to the ASX, QuickFee announced it's appointed Eric Lookhoff as its new CEO. This comes as founder and current CEO Bruce Coombes steps into the role of managing director of Australian operations. Coombes' new responsibilities also include delivering special projects to market.

Lookhoff, the incoming CEO, will take over the reins on 1 July and join the board as an executive director. Previously, Lookhoff was QuickFee's president of its United States business from February 2021. 

QuickFee chair Barry Lewin said:

Bruce created our Australian and US businesses from a standing start and achieved significant organic growth. He will continue to be a major contributor to QuickFee in the company's next phase of growth, as a board member and in his new role overseeing Australia and other major growth projects.

We are delighted to have someone of Eric's calibre to drive the overall growth of QuickFee going forward. Eric brings a unique skillset, enormous experience, and a strong US professional network that will ensure QuickFee is best able to capitalise on major growth opportunities in QuickFee's payments business. This change in leadership positions QuickFee well for the future.

Trading update

In a positive sign of recovery, QuickFee stated operating performance for May and June has delivered encouraging results. While no financial details were given, the company revealed three key areas are witnessing growth in Q4 FY21. They are Australian traditional financing, United States PayNow transaction volumes, and QuickFee instalments in both geographical markets.

Finally, the company noted traditional financing in the US is in line with the previous quarter (Q3 FY21). The US Government's stimulus measures have been blamed for weighing down on QuickFee's lending growth.

QuickFee share price snapshot

QuickFee shares have fallen by around 45% over the past 12 months. Year to date share price performance has also been subpar, with the company recording a 36% decline.

On valuation grounds, QuickFee commands a market capitalisation of roughly $51 million, with approximately 201 million shares on issue.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Financial Shares

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Mergers & Acquisitions

IAG share price lifts off on strategic alliance approval

IAG shares are racing higher in Thursday’s sinking market.

Read more »

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Financial Shares

Want a financial stock outside the big 4 banks? Macquarie tips 15% upside for this small cap financial

For those searching on the edges, this name could be worth a second look according to Macquarie.

Read more »

A man looking at his laptop and thinking.
Financial Shares

Are IAG shares a buy, hold, or sell following the RAC WA deal?

How does Goldman Sachs rate IAG shares after the $1.35B deal with The Royal Automobile Club?

Read more »

A female financial services professional with a manicured black afro hairstyle turns an ipad screen to show a client across the table a set of ASX shares figures in graph format.
Broker Notes

8 alternative ASX financial shares to buy instead of bank stocks: broker

Top broker Macquarie has put an outperform rating on scores of non-bank ASX financial shares.

Read more »

Ecstatic woman looking at her phone outside with her fist pumped.
Financial Shares

IAG share price charges higher on $1.35b deal and guidance update

This blue chip has made a big announcement. Here's what you need to know.

Read more »

A woman holds up hands to compare two things with question marks above her hands.
Financial Shares

Which is better value right now, Soul Patts or Brickworks shares?

Let's dive in and see what the experts have to say.

Read more »

Modern accountant woman in a light business suit in modern green office with documents and laptop.
Financial Shares

How much upside does Macquarie tip for Pinnacle Investment Management shares?

Pinnacle could be a contender to continue rising, according to experts.

Read more »

Delighted adult man, working on a company slogan, on his laptop.
Financial Shares

Macquarie tips 28% upside for this ASX financial stock

This stock has a lot of potential.

Read more »