Payoneer Global (NASDAQ:PAYO) Shares Gap Up on Strong Earnings

Payoneer Global Inc. (NASDAQ:PAYO) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.22, but opened at $5.72. Payoneer Global shares last traded at $5.64, with a volume of 1,491,610 shares trading hands.

The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. Payoneer Global had a return on equity of 14.80% and a net margin of 11.23%. The company had revenue of $228.20 million during the quarter, compared to the consensus estimate of $211.63 million. During the same period last year, the business posted $0.02 EPS. The firm’s revenue for the quarter was up 18.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

PAYO has been the subject of a number of recent research reports. Cantor Fitzgerald decreased their price target on shares of Payoneer Global from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Friday, March 1st. Citigroup dropped their price target on shares of Payoneer Global from $7.50 to $6.00 and set a “buy” rating on the stock in a research report on Thursday, March 21st. Keefe, Bruyette & Woods decreased their price objective on Payoneer Global from $7.00 to $6.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Needham & Company LLC raised their target price on Payoneer Global from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday. Finally, Benchmark reiterated a “buy” rating and set a $7.00 price target on shares of Payoneer Global in a report on Tuesday, March 26th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $6.71.

Insider Buying and Selling

In other news, Director Scott H. Galit sold 355,717 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $4.71, for a total transaction of $1,675,427.07. Following the completion of the transaction, the director now directly owns 3,127,981 shares of the company’s stock, valued at approximately $14,732,790.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Payoneer Global news, Director Scott H. Galit sold 355,717 shares of the stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $4.71, for a total transaction of $1,675,427.07. Following the completion of the transaction, the director now owns 3,127,981 shares in the company, valued at $14,732,790.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott H. Galit sold 12,221 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $5.23, for a total transaction of $63,915.83. Following the sale, the director now directly owns 2,451,171 shares in the company, valued at approximately $12,819,624.33. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,228,282 shares of company stock worth $5,849,600. Insiders own 5.57% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PAYO. Vanguard Group Inc. raised its position in shares of Payoneer Global by 4.4% in the third quarter. Vanguard Group Inc. now owns 27,791,663 shares of the company’s stock worth $170,085,000 after buying an additional 1,166,894 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Payoneer Global by 23.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,075,139 shares of the company’s stock valued at $12,700,000 after purchasing an additional 399,873 shares in the last quarter. Illinois Municipal Retirement Fund bought a new stake in Payoneer Global during the third quarter valued at approximately $723,000. Principal Financial Group Inc. increased its holdings in shares of Payoneer Global by 20.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,500,980 shares of the company’s stock worth $9,186,000 after buying an additional 253,833 shares during the last quarter. Finally, Capula Management Ltd purchased a new stake in shares of Payoneer Global during the 3rd quarter valued at $1,083,000. Hedge funds and other institutional investors own 82.22% of the company’s stock.

Payoneer Global Price Performance

The company has a market capitalization of $2.16 billion, a P/E ratio of 24.46 and a beta of 0.77. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.03. The business’s fifty day moving average price is $4.84 and its 200-day moving average price is $5.07.

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.