Payoneer Global (NASDAQ:PAYO) Shares Gap Down Following Weak Earnings

Payoneer Global Inc. (NASDAQ:PAYO)’s share price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $5.24, but opened at $4.78. Payoneer Global shares last traded at $4.7150, with a volume of 1,525,139 shares traded.

The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Payoneer Global had a net margin of 6.96% and a return on equity of 10.71%. The company had revenue of $274.69 million during the quarter, compared to analyst estimates of $282.79 million. During the same period in the previous year, the firm posted $0.05 earnings per share. The company’s revenue was up 5.0% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Jefferies Financial Group set a $7.00 price objective on shares of Payoneer Global in a research report on Wednesday, November 5th. Wall Street Zen raised shares of Payoneer Global from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “hold (c)” rating on shares of Payoneer Global in a research report on Thursday, January 22nd. Finally, Benchmark dropped their target price on Payoneer Global from $12.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, December 23rd. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Payoneer Global has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Institutional Investors Weigh In On Payoneer Global

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in Payoneer Global by 299.7% in the 1st quarter. Royal Bank of Canada now owns 158,997 shares of the company’s stock valued at $1,162,000 after purchasing an additional 119,219 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Payoneer Global by 8.8% in the first quarter. AQR Capital Management LLC now owns 291,908 shares of the company’s stock valued at $2,134,000 after purchasing an additional 23,533 shares during the period. Caxton Associates LLP acquired a new position in shares of Payoneer Global in the first quarter valued at approximately $172,000. United Services Automobile Association purchased a new stake in Payoneer Global during the 1st quarter worth approximately $126,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Payoneer Global by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 757,827 shares of the company’s stock valued at $5,540,000 after acquiring an additional 41,970 shares in the last quarter. 82.22% of the stock is owned by hedge funds and other institutional investors.

Payoneer Global Stock Down 13.0%

The stock has a market capitalization of $1.63 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 5.59 and a beta of 1.04. The stock has a fifty day moving average of $5.67 and a 200-day moving average of $5.97.

About Payoneer Global

Payoneer Global (NASDAQ: PAYO) operates a digital payments platform that enables businesses, marketplaces and professionals to send and receive cross-border payments. The company’s core offerings include multi-currency receiving accounts, mass payout services and working capital solutions. Through its platform, Payoneer facilitates global transactions by connecting payors and payees across a network of local bank transfers, card payouts and digital wallets, supporting the seamless movement of funds in over 150 currencies.

Founded in 2005, Payoneer has grown from a small fintech venture into a widely adopted payments infrastructure provider that serves clients in more than 200 countries and territories.