Millennium Management LLC Increases Stock Position in Payoneer Global Inc. $PAYO

Key Points

• Millennium Management LLC increased its stake in Payoneer Global Inc. by 15.5%, owning over 7.5 million shares valued at approximately $55.1 million as of the end of the first quarter.
• Several analysts have recently adjusted their ratings and price targets for Payoneer Global, with Needham & Company raising the target from $8.00 to $10.00, indicating a strong buy outlook.
• Payoneer Global's stock has shown a 52-week low of $5.71 and a high of $11.29, while the company reported a net margin of 9.81% on an 8.8% year-over-year revenue increase.

Millennium Management LLC raised its position in shares of Payoneer Global Inc. (NASDAQ:PAYO - Free Report) by 15.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,537,691 shares of the company's stock after purchasing an additional 1,014,096 shares during the period. Millennium Management LLC owned approximately 2.09% of Payoneer Global worth $55,101,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Payoneer Global by 12.1% during the first quarter. Vanguard Group Inc. now owns 33,881,608 shares of the company's stock valued at $247,675,000 after buying an additional 3,656,056 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Payoneer Global by 15.1% in the first quarter. American Century Companies Inc. now owns 9,403,250 shares of the company's stock worth $68,738,000 after buying an additional 1,236,598 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Payoneer Global by 3.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,970,295 shares of the company's stock worth $65,574,000 after buying an additional 260,306 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Payoneer Global by 47.9% in the fourth quarter. Ameriprise Financial Inc. now owns 5,146,874 shares of the company's stock worth $51,675,000 after buying an additional 1,667,769 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in shares of Payoneer Global by 50.1% in the first quarter. Victory Capital Management Inc. now owns 4,395,656 shares of the company's stock worth $32,132,000 after buying an additional 1,467,357 shares during the period. Hedge funds and other institutional investors own 82.22% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PAYO. Deutsche Bank Aktiengesellschaft began coverage on Payoneer Global in a report on Thursday, July 17th. They issued a "buy" rating and a $8.00 price objective on the stock. Wall Street Zen cut Payoneer Global from a "hold" rating to a "sell" rating in a research note on Tuesday. Jefferies Financial Group lifted their price objective on Payoneer Global from $8.00 to $8.50 and gave the company a "buy" rating in a research report on Tuesday, May 27th. Needham & Company LLC lifted their price objective on Payoneer Global from $8.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Citigroup reaffirmed a "buy" rating and set a $10.00 price objective (down from $13.00) on shares of Payoneer Global in a research report on Thursday, May 22nd. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.06.

Payoneer Global Stock Down 2.1%

Shares of PAYO stock traded down $0.14 during trading hours on Friday, hitting $6.50. 1,899,270 shares of the company's stock traded hands, compared to its average volume of 2,711,796. The stock's fifty day simple moving average is $6.74 and its two-hundred day simple moving average is $6.89. Payoneer Global Inc. has a 12-month low of $5.71 and a 12-month high of $11.29. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 25.00, a PEG ratio of 8.74 and a beta of 0.98.

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

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.