Citigroup Has Lowered Expectations for PayPay (NASDAQ:PAYP) Stock Price

PayPay (NASDAQ:PAYP) had its price target dropped by stock analysts at Citigroup from $18.00 to $17.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the fintech company’s stock. Citigroup‘s price objective suggests a potential upside of 14.02% from the stock’s previous close.

A number of other equities analysts also recently commented on PAYP. Weiss Ratings downgraded PayPay from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, August 19th. Cantor Fitzgerald reissued an “overweight” rating on shares of PayPay in a research report on Monday, October 26th. Mizuho decreased their target price on shares of PayPay from $26.00 to $23.00 and set an “outperform” rating for the company in a research report on Tuesday, August 4th. Morgan Stanley upgraded shares of PayPay from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $24.00 to $23.00 in a research note on Thursday, July 23rd. Finally, Wolfe Research raised their price target on shares of PayPay from $18.00 to $21.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.36.

PayPay Trading Up 2.5%

NASDAQ PAYP traded up $0.37 on Thursday, reaching $14.91. The stock had a trading volume of 279,912 shares, compared to its average volume of 523,691. PayPay has a 1 year low of $12.07 and a 1 year high of $24.89. The business has a 50 day moving average price of $15.89 and a 200 day moving average price of $17.04. The company has a market capitalization of $10.09 billion and a price-to-earnings ratio of 49.70.

PayPay (NASDAQ:PAYP) last posted its quarterly earnings results on Tuesday, November 3rd. The fintech company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.03). The firm had revenue of $749.66 million during the quarter. On average, analysts anticipate that PayPay will post 0.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Center for Financial Planning Inc. bought a new position in PayPay in the 3rd quarter worth $103,000. NWF Advisory Services Inc. bought a new stake in PayPay in the 2nd quarter valued at $211,000. BlueCrest Capital Management Ltd acquired a new stake in PayPay in the 2nd quarter worth $1,791,000. Robeco Institutional Asset Management B.V. grew its position in PayPay by 55.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 155,000 shares of the fintech company’s stock worth $2,434,000 after purchasing an additional 55,000 shares during the last quarter. Finally, Alphabet Inc. bought a new position in shares of PayPay during the 3rd quarter worth about $49,062,000.

About PayPay

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.