Assetmark Inc. Invests $462,000 in Payoneer Global Inc. (NASDAQ:PAYO)

Key Points

• Assetmark Inc. acquired 63,198 shares of Payoneer Global Inc. in the first quarter, valued at approximately $462,000, indicating strong institutional interest in the stock.
• Several brokerages have upgraded or adjusted their price targets for Payoneer, with Jefferies Financial Group increasing its target to $8.50 and Needham & Company lowering it to $8.00, while maintaining a "buy" rating.
• Payoneer Global reported $0.05 earnings per share in its latest quarterly results, missing analyst expectations, despite a revenue increase of 8.1% year-over-year.

Assetmark Inc. purchased a new stake in Payoneer Global Inc. (NASDAQ:PAYO - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 63,198 shares of the company's stock, valued at approximately $462,000.

A number of other hedge funds also recently bought and sold shares of the stock. Susquehanna Capital Management LLC raised its position in shares of Payoneer Global by 290.3% during the 4th quarter. Susquehanna Capital Management LLC now owns 25,268,954 shares of the company's stock worth $253,700,000 after acquiring an additional 18,794,047 shares in the last quarter. Deutsche Bank AG raised its position in shares of Payoneer Global by 252.8% during the 4th quarter. Deutsche Bank AG now owns 2,779,110 shares of the company's stock worth $27,902,000 after acquiring an additional 1,991,449 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in Payoneer Global during the fourth quarter worth approximately $19,305,000. D. E. Shaw & Co. Inc. lifted its stake in Payoneer Global by 1,065.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,081,589 shares of the company's stock valued at $20,899,000 after buying an additional 1,902,925 shares during the last quarter. Finally, Norges Bank purchased a new stake in Payoneer Global in the fourth quarter valued at approximately $18,130,000. Institutional investors and hedge funds own 82.22% of the company's stock.

Payoneer Global Stock Up 15.3%

Shares of Payoneer Global stock traded up $1.00 during trading on Wednesday, reaching $7.50. The company's stock had a trading volume of 7,431,337 shares, compared to its average volume of 3,390,912. Payoneer Global Inc. has a 12-month low of $5.71 and a 12-month high of $11.29. The company has a market capitalization of $2.71 billion, a P/E ratio of 24.98 and a beta of 0.97. The business has a 50 day moving average price of $6.75 and a 200-day moving average price of $7.61.

Payoneer Global (NASDAQ:PAYO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). Payoneer Global had a net margin of 11.32% and a return on equity of 15.70%. During the same period in the previous year, the company earned $0.09 earnings per share. Payoneer Global's revenue was up 8.8% compared to the same quarter last year. Research analysts predict that Payoneer Global Inc. will post 0.34 EPS for the current fiscal year.

Analyst Ratings Changes

PAYO has been the subject of several research analyst reports. Jefferies Financial Group increased their price objective on Payoneer Global from $8.00 to $8.50 and gave the company a "buy" rating in a report on Tuesday, May 27th. Citigroup reissued a "buy" rating and issued a $10.00 price objective (down from $13.00) on shares of Payoneer Global in a report on Thursday, May 22nd. Keefe, Bruyette & Woods raised Payoneer Global from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $7.00 to $9.00 in a report on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft initiated coverage on Payoneer Global in a report on Thursday, July 17th. They issued a "buy" rating and a $8.00 price objective for the company. Finally, Needham & Company LLC increased their price objective on Payoneer Global from $8.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Payoneer Global presently has an average rating of "Buy" and an average target price of $10.06.

Insider Buying and Selling

In other Payoneer Global news, Director Susanna Morgan sold 16,180 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $6.77, for a total transaction of $109,538.60. Following the sale, the director directly owned 80,902 shares in the company, valued at approximately $547,706.54. The trade was a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.58% of the company's stock.

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.