Bank of America Corp DE Invests $26.40 Million in Payoneer Global Inc. $PAYO

Key Points

• Bank of America acquired 3.7 million Payoneer Global shares worth approximately $26.4 million, representing about 1.09% of the company. Institutional investors and hedge funds collectively own 82.22% of Payoneer.
• Payoneer reported quarterly revenue of $274.26 million, up 5.2% year over year and above estimates, but posted a loss of $0.01 per share versus analysts’ expected $0.06 profit.
• Analyst sentiment is cautious: eight analysts rate PAYO “Hold” and one rates it “Buy,” with an average price target of $7.40. Shares recently traded at $7.14, near their 12-month high of $7.18.

Bank of America Corp DE acquired a new stake in Payoneer Global Inc. (NASDAQ:PAYO - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,707,515 shares of the company's stock, valued at approximately $26,398,000. Bank of America Corp DE owned approximately 1.09% of Payoneer Global at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Leonteq Securities AG boosted its holdings in Payoneer Global by 72.0% during the 1st quarter. Leonteq Securities AG now owns 6,496 shares of the company's stock valued at $31,000 after acquiring an additional 2,720 shares during the period. GAMMA Investing LLC increased its stake in Payoneer Global by 73.8% during the 2nd quarter. GAMMA Investing LLC now owns 5,777 shares of the company's stock worth $41,000 after buying an additional 2,453 shares during the period. Resonant Capital Advisors LLC purchased a new stake in Payoneer Global during the 1st quarter worth approximately $49,000. State of Wyoming acquired a new stake in Payoneer Global during the 1st quarter worth approximately $57,000. Finally, Able Wealth Management LLC acquired a new stake in Payoneer Global during the 1st quarter worth approximately $72,000. Institutional investors and hedge funds own 82.22% of the company's stock.

Payoneer Global Trading Up 0.1%

Shares of PAYO stock opened at $7.14 on Thursday. Payoneer Global Inc. has a 12 month low of $4.08 and a 12 month high of $7.18. The company has a market cap of $2.42 billion, a P/E ratio of 51.00, a PEG ratio of 1.83 and a beta of 0.94. The firm has a fifty day moving average price of $7.12 and a 200 day moving average price of $6.09.

Payoneer Global (NASDAQ:PAYO - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.07). Payoneer Global had a return on equity of 9.97% and a net margin of 4.65%.The business had revenue of $274.26 million for the quarter, compared to analysts' expectations of $270.98 million. During the same period last year, the firm earned $0.05 earnings per share. The firm's quarterly revenue was up 5.2% on a year-over-year basis. On average, equities analysts forecast that Payoneer Global Inc. will post 0.16 EPS for the current year.

Wall Street Analyst Weigh In

PAYO has been the subject of several research reports. Citigroup downgraded shares of Payoneer Global from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $10.00 to $7.40 in a research note on Tuesday, June 16th. Needham & Company LLC cut Payoneer Global from a "buy" rating to a "hold" rating in a research note on Monday, June 15th. William Blair lowered Payoneer Global from an "outperform" rating to a "hold" rating in a report on Monday, June 15th. Northland Securities set a $7.40 target price on Payoneer Global in a research note on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft downgraded Payoneer Global from a "buy" rating to a "hold" rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Payoneer Global presently has an average rating of "Hold" and an average price target of $7.40.

Payoneer Global Company Profile

Payoneer Global Inc NASDAQ: PAYO is a financial technology company that provides digital commerce and payment services to small and medium-sized businesses, marketplaces, freelancers and other organizations. Its platform is designed to help customers receive funds from international clients and marketplaces, make cross-border payments, manage business finances and access global commerce opportunities.

Payoneer's products and services include multi-currency receiving accounts, global payouts, supplier and business payments, payment cards, foreign-exchange services and working-capital solutions.

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