Lord Abbett & CO. LLC Has $9.61 Million Position in Payoneer Global Inc. (NASDAQ:PAYO)

Key Points

• Lord Abbett & CO. LLC increased its stake in Payoneer Global Inc. by 5.4%, holding approximately 1.31 million shares valued at $9.6 million as of its latest SEC filing.
• Payoneer Global reported a quarterly earnings miss with $0.05 EPS, below the consensus estimate of $0.06, although its revenue increased by 8.8% year-over-year to $260.61 million.
• Analysts have a consensus target price of $10.06 for Payoneer Global shares, with a majority giving the stock a "buy" rating, indicating potential growth in the coming months.

Lord Abbett & CO. LLC grew its stake in shares of Payoneer Global Inc. (NASDAQ:PAYO - Free Report) by 5.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,313,897 shares of the company's stock after buying an additional 67,203 shares during the period. Lord Abbett & CO. LLC owned approximately 0.37% of Payoneer Global worth $9,605,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Summit Investment Advisors Inc. raised its position in shares of Payoneer Global by 5.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 30,355 shares of the company's stock valued at $305,000 after buying an additional 1,663 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Payoneer Global by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,016 shares of the company's stock valued at $132,000 after buying an additional 1,808 shares during the last quarter. Bank of Montreal Can raised its position in shares of Payoneer Global by 8.6% during the fourth quarter. Bank of Montreal Can now owns 28,613 shares of the company's stock valued at $287,000 after buying an additional 2,258 shares during the last quarter. Quarry LP acquired a new position in shares of Payoneer Global during the fourth quarter valued at about $29,000. Finally, Farther Finance Advisors LLC acquired a new position in shares of Payoneer Global during the first quarter valued at about $25,000. Institutional investors and hedge funds own 82.22% of the company's stock.

Payoneer Global Trading Up 0.6%

NASDAQ PAYO opened at $6.73 on Friday. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 25.89, a PEG ratio of 8.80 and a beta of 0.97. The company has a 50 day moving average of $6.75 and a 200-day moving average of $7.43. Payoneer Global Inc. has a 1-year low of $5.71 and a 1-year high of $11.29.

Payoneer Global (NASDAQ:PAYO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $260.61 million for the quarter, compared to analyst estimates of $253.17 million. Payoneer Global had a return on equity of 13.42% and a net margin of 9.81%. The business's quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.09 EPS. On average, analysts forecast that Payoneer Global Inc. will post 0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wall Street Zen raised shares of Payoneer Global from a "sell" rating to a "hold" rating in a research report on Saturday. Jefferies Financial Group increased their price target on shares of Payoneer Global from $8.00 to $8.50 and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Keefe, Bruyette & Woods raised shares of Payoneer Global from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $7.00 to $9.00 in a research report on Tuesday, May 13th. Citigroup reissued a "buy" rating and issued a $10.00 price target (down previously from $13.00) on shares of Payoneer Global in a research report on Thursday, May 22nd. Finally, Needham & Company LLC increased their price target on shares of Payoneer Global from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $10.06.

Insider Buying and Selling at Payoneer Global

In other news, Director Susanna Morgan sold 16,180 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $6.77, for a total transaction of $109,538.60. Following the completion of the sale, the director owned 80,902 shares of the company's stock, valued at approximately $547,706.54. This trade represents a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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.

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