Payoneer Global (NASDAQ:PAYO) Shares Gap Up After Earnings Beat

Payoneer Global Inc. (NASDAQ:PAYO)’s stock price 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.

The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The business had revenue of $228.20 million for the quarter, compared to analysts’ expectations of $211.63 million. Payoneer Global had a net margin of 11.23% and a return on equity of 14.80%. During the same quarter last year, the company earned $0.02 EPS. The business’s revenue was up 18.9% on a year-over-year basis.

Wall Street Analyst Weigh In

PAYO has been the topic of several recent analyst reports. Cantor Fitzgerald lowered their target price on shares of Payoneer Global from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Friday, March 1st. The Goldman Sachs Group cut their price objective on Payoneer Global from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Benchmark reiterated a “buy” rating and set a $7.00 target price on shares of Payoneer Global in a research report on Tuesday, March 26th. Keefe, Bruyette & Woods cut their price target on shares of Payoneer Global from $7.00 to $6.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Finally, Needham & Company LLC upped their price objective on shares of Payoneer Global from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Payoneer Global presently has an average rating of “Buy” and a consensus price target of $6.71.

Insider Activity

In related news, insider Tsafi Goldman sold 61,464 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $5.43, for a total transaction of $333,749.52. Following the completion of the sale, the insider now owns 870,832 shares of the company’s stock, valued at approximately $4,728,617.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Tsafi Goldman sold 61,464 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $5.43, for a total transaction of $333,749.52. Following the transaction, the insider now directly owns 870,832 shares in the company, valued at approximately $4,728,617.76. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Scott H. Galit sold 12,221 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $5.23, for a total value of $63,915.83. Following the completion of the sale, the director now directly owns 2,451,171 shares of the company’s stock, valued at approximately $12,819,624.33. The disclosure for this sale can be found here. Insiders sold 1,228,282 shares of company stock worth $5,849,600 over the last three months. Insiders own 5.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in Payoneer Global during the third quarter worth about $432,000. Bank of New York Mellon Corp lifted its holdings in Payoneer Global by 14.3% in the third quarter. Bank of New York Mellon Corp now owns 2,024,190 shares of the company’s stock valued at $12,388,000 after acquiring an additional 253,195 shares during the last quarter. New York State Teachers Retirement System grew its position in Payoneer Global by 52.1% in the third quarter. New York State Teachers Retirement System now owns 167,081 shares of the company’s stock worth $1,023,000 after acquiring an additional 57,200 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Payoneer Global by 2.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 539,323 shares of the company’s stock worth $3,301,000 after acquiring an additional 15,241 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in Payoneer Global by 19.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 76,288 shares of the company’s stock valued at $467,000 after purchasing an additional 12,300 shares during the period. Institutional investors and hedge funds own 82.22% of the company’s stock.

Payoneer Global Trading Down 0.2 %

The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 24.46 and a beta of 0.77. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.09 and a current ratio of 1.09. The company has a 50 day moving average price of $4.84 and a 200 day moving average price of $5.07.

About Payoneer Global

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.