Payoneer Global (NASDAQ:PAYO) Sets New 12-Month High Following Strong Earnings

Shares of Payoneer Global Inc. (NASDAQ:PAYO) reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $9.33 and last traded at $9.22, with a volume of 424422 shares trading hands. The stock had previously closed at $8.52.

The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.04 by $0.07. Payoneer Global had a net margin of 11.25% and a return on equity of 15.28%. The firm had revenue of $248.30 million during the quarter, compared to analysts’ expectations of $225.44 million. During the same period last year, the company posted $0.05 EPS. The company’s quarterly revenue was up 19.4% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PAYO. The Goldman Sachs Group increased their target price on Payoneer Global from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Needham & Company LLC upped their price target on Payoneer Global from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Cantor Fitzgerald raised Payoneer Global to a “strong-buy” rating in a research report on Monday, August 12th. Keefe, Bruyette & Woods upped their target price on shares of Payoneer Global from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Benchmark lifted their price target on shares of Payoneer Global from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $8.93.

Insider Activity

In related news, Director Scott H. Galit sold 150,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $7.07, for a total value of $1,060,500.00. Following the transaction, the director now owns 1,809,674 shares in the company, valued at $12,794,395.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Itai Perry sold 3,900 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $8.00, for a total value of $31,200.00. Following the completion of the transaction, the chief accounting officer now owns 228,738 shares in the company, valued at $1,829,904. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Scott H. Galit sold 150,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $7.07, for a total value of $1,060,500.00. Following the transaction, the director now directly owns 1,809,674 shares in the company, valued at approximately $12,794,395.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 158,000 shares of company stock worth $1,124,500 over the last three months. 5.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Payoneer Global

A number of hedge funds have recently bought and sold shares of PAYO. Natixis purchased a new stake in shares of Payoneer Global during the 1st quarter valued at about $3,106,000. Tidal Investments LLC bought a new stake in Payoneer Global in the 1st quarter worth approximately $986,000. Janus Henderson Group PLC grew its position in Payoneer Global by 131.6% in the 1st quarter. Janus Henderson Group PLC now owns 358,940 shares of the company’s stock worth $1,744,000 after purchasing an additional 203,943 shares during the period. Victory Capital Management Inc. raised its stake in Payoneer Global by 17.1% during the 2nd quarter. Victory Capital Management Inc. now owns 4,417,785 shares of the company’s stock valued at $24,475,000 after buying an additional 645,887 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Payoneer Global by 7.5% during the 1st quarter. ProShare Advisors LLC now owns 53,333 shares of the company’s stock valued at $259,000 after buying an additional 3,730 shares during the period. Hedge funds and other institutional investors own 82.22% of the company’s stock.

Payoneer Global Trading Up 20.9 %

The stock has a market capitalization of $3.93 billion, a PE ratio of 38.15 and a beta of 0.82. The stock has a 50 day moving average price of $7.75 and a 200-day moving average price of $6.45.

Payoneer Global Company Profile

Payoneer Global Inc operates as a financial technology company. It operates a payment infrastructure platform that provides customers with a one-stop, global, multi-currency account to serve their accounts receivable and accounts payable needs. The company delivers a suite of services that includes cross-border payments, physical and virtual MasterCard cards, working capital, risk management, and other services.