PayPay Corporation $PAYP Holdings Reduced by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in PayPay Corporation (NASDAQ:PAYP) by 4.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 803,649 shares of the fintech company’s stock after selling 34,604 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.12% of PayPay worth $12,617,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Center for Financial Planning Inc. bought a new position in shares of PayPay during the 3rd quarter worth about $103,000. Robeco Institutional Asset Management B.V. lifted its stake in shares of PayPay by 55.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 155,000 shares of the fintech company’s stock valued at $2,434,000 after buying an additional 55,000 shares during the period. BlueCrest Capital Management Ltd bought a new stake in shares of PayPay in the second quarter valued at about $1,791,000. Finally, NWF Advisory Services Inc. acquired a new stake in PayPay during the second quarter worth about $211,000.

PayPay Trading Down 8.9%

Shares of PayPay stock opened at $14.54 on Friday. The firm’s 50-day simple moving average is $15.90 and its 200-day simple moving average is $17.05. PayPay Corporation has a twelve month low of $12.07 and a twelve month high of $24.89.

PayPay (NASDAQ:PAYP) last posted its quarterly earnings results on Tuesday, November 3rd. The fintech company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.03). The business had revenue of $749.66 million during the quarter. PayPay had a return on equity of 16.34% and a net margin of 15.75%. On average, equities analysts forecast that PayPay Corporation will post 0.80 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PAYP shares. Mizuho lowered their price target on PayPay from $26.00 to $23.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 4th. Citigroup reduced their price objective on PayPay from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday. Cantor Fitzgerald reissued an “overweight” rating on shares of PayPay in a report on Monday, October 26th. Wolfe Research boosted their price objective on PayPay from $18.00 to $21.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. Finally, Morgan Stanley upgraded PayPay from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $24.00 to $23.00 in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, PayPay presently has an average rating of “Moderate Buy” and a consensus target price of $24.36.

PayPay Profile

PayPay is a Japan-based financial technology company that operates a digital payments and financial services platform. Its core offering is a mobile wallet that enables consumers to make cashless payments at participating retailers, restaurants, online merchants and service providers using smartphones and QR codes.

The company’s platform also supports person-to-person money transfers, bill payments, loyalty and rewards programs, and related digital financial services. PayPay has expanded its ecosystem through integrations with merchants and other businesses, helping facilitate electronic payments for consumers and companies across Japan.

PayPay was launched in 2018 and was established through a partnership involving SoftBank and the corporate group now known as LY Corporation.