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

Shares of Payoneer Global Inc. (NASDAQ:PAYO) hit a new 52-week high during mid-day trading 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.07. The firm had revenue of $248.30 million during the quarter, compared to analysts’ expectations of $225.44 million. Payoneer Global had a net margin of 11.25% and a return on equity of 15.28%. The business’s revenue was up 19.4% on a year-over-year basis. During the same period last year, the company earned $0.05 earnings per share.

Analyst Ratings Changes

PAYO has been the topic of a number of research analyst reports. Benchmark increased their price target on shares of Payoneer Global from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Cantor Fitzgerald raised shares of Payoneer Global to a “strong-buy” rating in a report on Monday, August 12th. Northland Securities increased their price target on shares of Payoneer Global from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Needham & Company LLC upped their price objective on shares of Payoneer Global from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Finally, The Goldman Sachs Group upped their price objective on shares of Payoneer Global from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Payoneer Global currently has a consensus rating of “Buy” and a consensus target price of $8.93.

Insider Activity at Payoneer Global

In other Payoneer Global news, Director Scott H. Galit sold 150,000 shares of Payoneer Global 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 completion of the transaction, the director now directly owns 1,809,674 shares of the company’s stock, valued at approximately $12,794,395.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Scott H. Galit sold 150,000 shares of the business’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 owns 1,809,674 shares of the company’s stock, valued at approximately $12,794,395.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Itai Perry sold 4,100 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $8.00, for a total transaction of $32,800.00. Following the sale, the chief accounting officer now directly owns 228,738 shares in the company, valued at approximately $1,829,904. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 158,000 shares of company stock valued at $1,124,500 in the last three months. Company insiders own 5.57% of the company’s stock.

Institutional Investors Weigh In On Payoneer Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. AXA S.A. grew its holdings in Payoneer Global by 1,394.5% during the 2nd quarter. AXA S.A. now owns 14,176,485 shares of the company’s stock worth $78,538,000 after acquiring an additional 13,227,884 shares in the last quarter. Legion Partners Asset Management LLC purchased a new stake in shares of Payoneer Global during the second quarter valued at about $12,360,000. American Century Companies Inc. lifted its position in shares of Payoneer Global by 241.5% during the second quarter. American Century Companies Inc. now owns 1,643,744 shares of the company’s stock valued at $9,106,000 after buying an additional 1,162,481 shares during the last quarter. Shell Asset Management Co. purchased a new stake in shares of Payoneer Global during the first quarter valued at about $5,360,000. Finally, Millennium Management LLC lifted its position in shares of Payoneer Global by 17.3% during the second quarter. Millennium Management LLC now owns 6,764,016 shares of the company’s stock valued at $37,473,000 after buying an additional 995,366 shares during the last quarter. Hedge funds and other institutional investors own 82.22% of the company’s stock.

Payoneer Global Stock Up 12.2 %

The firm has a market capitalization of $3.65 billion, a PE ratio of 35.41 and a beta of 0.82. The company’s 50-day simple moving average is $7.75 and its 200 day simple moving average is $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.