PayPay (NASDAQ:PAYP) Stock Price Up 5.6% – Here’s Why

PayPay Corporation (NASDAQ:PAYP) shares traded up 5.6% during mid-day trading on Friday. The stock traded as high as $15.53 and last traded at $15.4660. Approximately 98,541 shares changed hands during trading, a decline of 92% from the average daily volume of 1,240,623 shares. The stock had previously closed at $14.65.

Analysts Set New Price Targets

PAYP has been the topic of a number of analyst reports. Morgan Stanley upgraded shares of PayPay from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $24.00 to $23.00 in a research report on Thursday, July 23rd. Wolfe Research boosted their price target on PayPay from $18.00 to $21.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. Cantor Fitzgerald reissued an “overweight” rating on shares of PayPay in a research note on Tuesday, August 4th. Mizuho decreased their price objective on PayPay from $26.00 to $23.00 and set an “outperform” rating on the stock in a report on Tuesday, August 4th. Finally, Weiss Ratings cut PayPay from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.45.

PayPay Stock Performance

The firm has a market capitalization of $10.60 billion and a price-to-earnings ratio of 52.24. The business has a fifty day moving average price of $15.98 and a 200 day moving average price of $16.96.

PayPay (NASDAQ:PAYP) last issued its earnings results on Thursday, July 30th. The fintech company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The firm had revenue of $675.02 million during the quarter. On average, analysts expect that PayPay Corporation will post 0.80 earnings per share for the current year.

Institutional Investors Weigh In On PayPay

An institutional investor recently bought a new stake in PayPay stock. NWF Advisory Services Inc. acquired a new position in PayPay Corporation (NASDAQ:PAYP) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 14,700 shares of the fintech company’s stock, valued at approximately $211,000.

About PayPay

PayPay Corporation is a Japanese financial technology company that operates the PayPay mobile payment platform. Launched in 2018, the service enables consumers to make cashless payments at participating merchants using smartphones and QR codes.

In addition to payment services, PayPay offers related financial products and digital services in Japan, including peer-to-peer money transfers and access to services such as PayPay Bank, PayPay Card and PayPay Securities through its broader ecosystem.