Payoneer Global (NASDAQ:PAYO) Shares Gap Up on Better-Than-Expected Earnings

Payoneer Global Inc. (NASDAQ:PAYO)’s share price gapped up prior to trading on Wednesday following a better than expected earnings announcement. 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 traded.

The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.03. The company had revenue of $228.20 million during the quarter, compared to the consensus estimate of $211.63 million. Payoneer Global had a return on equity of 14.80% and a net margin of 11.23%. Payoneer Global’s revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.02 EPS.

Analyst Upgrades and Downgrades

PAYO has been the subject of several recent research reports. Cantor Fitzgerald decreased their price objective on Payoneer Global from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Friday, March 1st. Keefe, Bruyette & Woods decreased their price objective on Payoneer Global from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Citigroup decreased their price objective on Payoneer Global from $7.50 to $6.00 and set a “buy” rating for the company in a research note on Thursday, March 21st. Needham & Company LLC lifted their price objective on Payoneer Global from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday. Finally, The Goldman Sachs Group decreased their price objective on Payoneer Global from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $6.71.

Insider Buying and Selling

In related news, Director Scott H. Galit sold 12,221 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $5.23, for a total transaction of $63,915.83. Following the completion of the sale, the director now owns 2,451,171 shares in the company, valued at $12,819,624.33. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Payoneer Global news, Director Scott H. Galit sold 12,221 shares of Payoneer Global stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $5.23, for a total transaction of $63,915.83. Following the transaction, the director now owns 2,451,171 shares of the company’s stock, valued at $12,819,624.33. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Scott H. Galit sold 16,697 shares of Payoneer Global stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $5.39, for a total value of $89,996.83. Following the transaction, the director now directly owns 3,156,731 shares in the company, valued at approximately $17,014,780.09. The disclosure for this sale can be found here. Insiders sold a total of 1,228,282 shares of company stock worth $5,849,600 over the last 90 days. 5.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Federated Hermes Inc. acquired a new position in shares of Payoneer Global in the fourth quarter valued at approximately $29,000. C M Bidwell & Associates Ltd. acquired a new position in shares of Payoneer Global in the third quarter valued at approximately $39,000. SageView Advisory Group LLC acquired a new position in shares of Payoneer Global in the first quarter valued at approximately $39,000. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Payoneer Global by 27.8% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 9,541 shares of the company’s stock valued at $46,000 after purchasing an additional 2,074 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Payoneer Global by 74.3% in the third quarter. PNC Financial Services Group Inc. now owns 8,241 shares of the company’s stock valued at $50,000 after purchasing an additional 3,512 shares during the period. Institutional investors and hedge funds own 82.22% of the company’s stock.

Payoneer Global Stock Performance

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 quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.03. The stock has a fifty 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.