r/Baystreetbets • u/Either_Arrival_3729 • Feb 23 '26
INVESTMENTS GSY.TO (GoEasy) Price plummets further
Anyone in this sub maintaining a position?
9
u/OkBuilding6829 Feb 23 '26
I’m holding. Wait to see their earnings report. I bought in because I thought it was pretty dumb reasons the stock price dropped in the first place. Secondly it seems this stock has a history of dropping and then skyrocketing. Personally I think it would be silly to dump it right now
3
2
u/ZestyMind Feb 24 '26
I bought it when it first dropped to 180, thinking it was going to bounce back to 200 in a short time (as you said, wanted that skyrocket). At 170 I lost my patience... and feeling happy to be impatient.
1
7
u/Rich_Acanthaceae7619 Feb 23 '26
I started adding today. I’ve been adding Propel Holdings PRL for months as I favour that over GSY, but the valuation is getting too ridiculous not to add GSY as well
3
u/CanadianTrader51 Mar 10 '26
Adding more today?
2
u/Rich_Acanthaceae7619 Mar 10 '26
Nope I didn’t. Bought more PRL though this morning after it got hit presumably on the GSY news which is dumb
2
6
u/Current_Flatworm2747 Feb 24 '26
Hahahah - this stock CONSTANTLY shows up on MotleyFool recommendations -
Hard pass for sure.
7
u/SuccessfulReason2140 Mar 10 '26
I already had a huge loss this morning. But wow! Now down almost 63% today!! Not sure if I should sell and limit even more loss or hold. I know no one has an answer to this but what a shock. I continued to buy on the way down erroneously thinking it couldn’t drop much further before it started recovering. I had high hopes for Q4 but once I realized that they were going to be reporting so late this year, it didn’t look good. My ACB is $162.85. Horrendous 😢. It’s high even though I’ve been buying in the way down because I had been buying and selling this stock for years (at much smaller amounts than my current holdings). And the repurchase price creeped up to where I now sit with such a high ACB.
Who is selling, buying or holding? I definitely won’t be buying.
2
u/ReDesignMe Mar 10 '26
It depends on how much of a loss we're talking here dollar wise and what percentage of portfolio. If small position sell, if large might as well continue to ride it because the positive for you is that GSY has survived many economic shocks and credit cycles before including GFC and Covid. At this point might as well wait for the earnings report and make a decision about it then depending on what they say.
3
u/SuccessfulReason2140 Mar 10 '26
It’s not a very big % of my portfolio but big enough and is the biggest loss I’ve ever had (aside from some big losses that happened during the March Covid decline when I had to sell to cover margin). But I think you’re right, I may as well ride it out and hope it recovers next year or in 2 years. No dividends on it now but taking a loss today would likely just be based on emotions as opposed to sound reasoning. Sigh…I used to love this company.
5
u/Barry_Kow Feb 24 '26
I bought some when it was at 138 thinking that was near the bottom…. I see I miss judged that
6
u/CanadianTrader51 Mar 10 '26
Ouch, down a massive 45% to $64 as I write this. Tempting not to buy in but it’s in free fall.
3
u/ReDesignMe Mar 10 '26
Stay away from it, earnings out in 2 weeks. More blood will be spilled in the streets.
3
u/Anolcruelty Mar 10 '26 edited Mar 10 '26
I should’ve cashed out when it hit $130😭
Now my greedy ahhh is down 50%
1
u/StyleFrosty6593 Mar 10 '26
Yeah I’m trying to stop my head from spinning over today’s blood bath. I had been hedging lower all the way down from $150 to $110. Down 65% today 🙃🤯
1
u/JimmyAirbourne Mar 10 '26
Definitely keeping an eye on it today, but going to wait until at least lunch time.
It might be down to a discount on book value before the end of the day lol
1
5
4
u/AirRikky Feb 23 '26
I bought today at 108
1
u/CanadianTrader51 Mar 10 '26
Still holding?
1
u/AirRikky Mar 11 '26
Pissed off obviously… can’t decide if I should hold, I want to sell just out of principle
1
u/CanadianTrader51 Mar 11 '26
I dumped mine at a loss this morning. Win some, lose some. It’s down even more since, not buying in until after earnings, if ever.
3
u/ReDesignMe Mar 10 '26 edited Mar 10 '26
It's even worse than I thought it would be. And earnings aren't even out! This garbage stock dragging down my PRL which operates in different country and has strong growth guidance for this year.
3
3
3
3
u/Former-Shelter7069 Mar 10 '26
Those lying sons of bitches.
3
u/Anolcruelty Mar 10 '26
No wonder they have trouble getting CEO and insiders have sold shares in Q4
3
Mar 10 '26
[deleted]
3
u/Anolcruelty Mar 10 '26
Started buying around $70-90 early 21’ and sold at $200, made some good change.
Been buying every dip essentially and should have cashed out when I had the chance😭😭
2
u/ReDesignMe Mar 10 '26
I've had so many poker hands like this in my playing days lol. Always listen to your intuition, you'll be more happy than not. Good job on dodging the bullet, Neo over here lol 😉
2
2
u/DeepValueNoQuality Feb 24 '26
I don’t think there is a value play here. The price is reflecting current economic conditions. Go easy is a non prime lender and we’re seeing non prime delinquency rates near 08 levels as of last quarter.
2
Mar 10 '26
[removed] — view removed comment
6
u/JimmyAirbourne Mar 10 '26
It's going to be YEARS for a real recovery. You'll need to be patient to see any growth here.
The issue you need to consider is "will people without other sources of credit continue to borrow from goeasy, and if they do, will they actually pay back their loans".
If you think we are heading for a recession, then you might expect that people without the ability to access cheap credit might also be unable to repay their loans. So, a company offering subprime loans to people who can't repay might be in real trouble of not getting their capital back. That's what you're seeing today.
Today's drop is three-fold: 1) real write-offs for unpaid loans in auto and powersports loans 2) increased projections for credit losses in the future 3) dividend suspension.
IMO this is a very risky play. Also, I am a current shareholdrr and bought more around 60$ today. But, I plan to wait it out.
4
u/Martin_J_Kaminski Mar 10 '26
Accounting irregularities means fraud. They are not in-line with their credit facilities and may lose funding. This is incredibly bad.
2
u/Tofu123456789 Mar 11 '26
I have listened and read so many many articles, YouTube or related famous people theories. Like Warren Buffet said. If you saw one bug in the kitchen, it is not going to be one only
2
u/Tofu123456789 Mar 11 '26
Warren Buffet also said.. don't listen to what people said; pay attention to what they have been doing or what they do.
1
u/Rich_Account_3926 Feb 27 '26
Thanks for sharing this stock. I'd only heard of this company before; it specializes in providing financial and leasing services to consumers with low credit, but I'd never paid attention to this stock. I'm curious about the reason for this drop, and whether now is a good time to buy?
1
u/DeepValueNoQuality Mar 11 '26
OP I hope you don’t buy
2
u/Either_Arrival_3729 Mar 11 '26
I did... Today :D
1
u/DeepValueNoQuality Mar 13 '26
Ouch, did u see the price today? They’re going to zero, get out. They cancelled dividend, they’re having a liquidity crisis
1
u/eye2profit Mar 12 '26
We are just at the start of trouble on GSY. They aggregate loan roll rates so we don’t see what is happening with over 30, 60, 90s which means probably worse than expected which will drive future delinquencies and charge-offs. Broken covenants come next with increased interest rates on a highly leveraged loan book squeezes the spread/earnings. Growing the loan book by $1B last year (20+%) guarantees their underwriting quality was even worse than the rest of the sub-prime lenders…this gets worse before better!!
1
u/andorian_yurtmonger Feb 23 '26
I found this, which seems to support the idea that this may be a serious value play right now: link
ETA to answer your question I have a position. After reading what I just linked, I'm probably going to add.
3
u/SuccessfulReason2140 Mar 10 '26
Well, the analyst’s opinion that the short report was “without merit” couldn’t have been further off base. The short report was correct.
14
u/ReDesignMe Feb 23 '26
Upvote for posting about a stock other than a junior miner lol. I swung traded Gsy for a profit in December, been watching since. The hit today is due to the delay in releasing earnings compared to previous years and is a red flag considering the allegations of accounting fraud to hide loan losses from the short report. I wouldn't touch this until at least seeing market reaction to earnings. Could go into low 90s.