Nayax shares see high volume following analyst upgrade

Nayax Ltd. shares experienced high trading volume following an upgrade by Keefe, Bruyette & Woods (KBW). Analyst Sanjay Sakhrani raised the rating to ‘Outperform’ with a $75 price target, suggesting the stock’s recent 25% decline provided ‘an attractive entry point’ and that the market reaction was exaggerated.

The stock price drop followed the company’s decision to revise its guidance for the conversion rate of adjusted EBITDA to free cash flow from 40% down to a range of 5% to 10%. Nayax reported a second-quarter cash flow of minus $13.1 million, attributing the deficit to investments in future growth, financial services, and the EV charging platform Lynkwell, which was acquired in late 2025.

Despite the cash flow revision, Nayax reaffirmed its 2026 revenue outlook of $510 million to $520 million. KBW noted that the company’s entry into electric vehicle charging could serve as a significant growth engine.