PayPay (NASDAQ:PAYP) Stock Price Target Lowered at Citigroup

PayPay (NASDAQ:PAYP) had its price target trimmed by Citigroup from $18.00 to $17.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the fintech company’s stock.

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

PayPay Stock Down 8.9%

Shares of PAYP stock opened at $14.54 on Thursday. PayPay has a fifty-two week low of $12.07 and a fifty-two week high of $24.89. The stock’s fifty day moving average price is $15.90 and its two-hundred day moving average price is $17.05.

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

Hedge Funds Weigh In On PayPay

Several institutional investors have recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. increased 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 valued at $2,434,000 after buying an additional 55,000 shares in the last quarter. BlueCrest Capital Management Ltd bought a new stake in PayPay during the 2nd quarter valued at $1,791,000. NWF Advisory Services Inc. bought a new position in shares of PayPay in the second quarter valued at $211,000. Finally, Center for Financial Planning Inc. bought a new position in shares of PayPay in the third quarter valued at $103,000.

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.