Envestnet Asset Management Inc. Takes $1.04 Million Position in Payoneer Global Inc. (NASDAQ:PAYO)

Key Points

• Envestnet Asset Management Inc. purchased 142,016 shares of Payoneer Global Inc. for approximately $1,038,000 in the first quarter, marking a significant investment by the firm.
• Payoneer Global reported $246.62 million in revenue for the last quarter, which exceeded analyst estimates, despite missing earnings per share expectations with a reported EPS of $0.05.
• Analyst ratings for Payoneer Global are generally positive, with an average rating of "Buy" and a consensus price target of $9.81 following multiple upgrades from various financial institutions.

Envestnet Asset Management Inc. acquired a new stake in Payoneer Global Inc. (NASDAQ:PAYO - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 142,016 shares of the company's stock, valued at approximately $1,038,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LPL Financial LLC grew its position in Payoneer Global by 14.4% during the 4th quarter. LPL Financial LLC now owns 33,520 shares of the company's stock worth $337,000 after purchasing an additional 4,230 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Payoneer Global by 414.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,162,304 shares of the company's stock valued at $11,670,000 after acquiring an additional 936,345 shares in the last quarter. Norges Bank purchased a new stake in shares of Payoneer Global in the fourth quarter valued at about $18,130,000. Pictet Asset Management Holding SA boosted its holdings in shares of Payoneer Global by 40.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 44,780 shares of the company's stock valued at $450,000 after acquiring an additional 12,963 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC purchased a new stake in shares of Payoneer Global in the fourth quarter valued at about $123,000. 82.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PAYO has been the topic of several analyst reports. Keefe, Bruyette & Woods raised shares of Payoneer Global from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $7.00 to $9.00 in a report on Tuesday, May 13th. Jefferies Financial Group boosted their price objective on shares of Payoneer Global from $8.00 to $8.50 and gave the stock a "buy" rating in a report on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Payoneer Global in a report on Thursday, July 17th. They set a "buy" rating and a $8.00 price objective on the stock. Needham & Company LLC decreased their price objective on shares of Payoneer Global from $14.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Citigroup reissued a "buy" rating and set a $10.00 price objective (down previously from $13.00) on shares of Payoneer Global in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Payoneer Global presently has a consensus rating of "Buy" and an average target price of $9.81.

Payoneer Global Price Performance

PAYO stock traded up $0.15 on Tuesday, hitting $6.50. 5,168,024 shares of the company were exchanged, compared to its average volume of 3,359,405. Payoneer Global Inc. has a twelve month low of $5.16 and a twelve month high of $11.29. The business's fifty day moving average is $6.76 and its two-hundred day moving average is $7.62. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 21.67 and a beta of 0.97.

Payoneer Global (NASDAQ:PAYO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). Payoneer Global had a return on equity of 15.70% and a net margin of 11.32%. The company had revenue of $246.62 million for the quarter, compared to analyst estimates of $244.52 million. During the same period last year, the company posted $0.08 EPS. The business's revenue for the quarter was up 8.1% on a year-over-year basis. Equities research analysts expect that Payoneer Global Inc. will post 0.34 earnings per share for the current year.

Insider Activity

In other news, Director Susanna Morgan sold 16,180 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $6.77, for a total value of $109,538.60. Following the completion of the sale, the director owned 80,902 shares of the company's stock, valued at $547,706.54. This represents a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.58% of the stock is owned by insiders.

Payoneer Global Company Profile

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.