Nayax (NASDAQ:NYAX) Sees Unusually-High Trading Volume on Analyst Upgrade

Key Points

• Keefe, Bruyette & Woods upgraded Nayax to “outperform” from “market perform” and set a $75 price target, triggering a 30% increase in mid-day trading volume. Shares traded at $48.5450 after previously closing at $50.60.
• Analyst opinions remain mixed: four analysts rate the stock a Buy, three a Hold and one a Sell, producing a consensus “Hold” rating and a $75.76 price target. Nayax recently beat quarterly expectations, reporting $0.14 EPS versus $0.09 expected and revenue of $122.59 million versus $116.75 million forecast.
• Insiders sold 42,379 shares worth approximately $3.14 million during the last quarter, with the disclosed CEO and CFO sales primarily covering tax obligations tied to equity awards. Institutional investors own 34.87% of Nayax’s shares.

Nayax Ltd. (NASDAQ:NYAX - Get Free Report) shares saw unusually-strong trading volume on Monday after Keefe, Bruyette & Woods upgraded the stock from a market perform rating to an outperform rating. Keefe, Bruyette & Woods now has a $75.00 price target on the stock. 24,471 shares changed hands during mid-day trading, an increase of 30% from the previous session's volume of 18,813 shares.The stock last traded at $48.5450 and had previously closed at $50.60.

Other research analysts have also issued reports about the stock. Wall Street Zen lowered shares of Nayax from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. Oppenheimer upgraded shares of Nayax from a "market perform" rating to an "outperform" rating and set a $86.00 price target for the company in a research report on Wednesday, May 27th. UBS Group restated a "neutral" rating and issued a $70.00 target price on shares of Nayax in a research report on Tuesday, August 11th. Weiss Ratings raised Nayax from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Tuesday, August 11th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $79.80 target price on shares of Nayax in a research note on Thursday, May 14th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $75.76.

Insider Activity

In other news, CEO Carly Lisanne Furman sold 382 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $68.08, for a total value of $26,006.56. Following the sale, the chief executive officer directly owned 21,439 shares of the company's stock, valued at approximately $1,459,567.12. This represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Sagit Manor sold 1,252 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $66.74, for a total transaction of $83,558.48. Following the completion of the transaction, the chief financial officer owned 45,238 shares in the company, valued at approximately $3,019,184.12. This trade represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 42,379 shares of company stock valued at $3,144,745.

Institutional Trading of Nayax

Several institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its position in Nayax by 210.5% during the second quarter. Russell Investments Group Ltd. now owns 590 shares of the company's stock valued at $30,000 after purchasing an additional 400 shares during the period. Osaic Holdings Inc. bought a new stake in Nayax during the 2nd quarter worth approximately $33,000. Bank of America Corp DE boosted its position in shares of Nayax by 920.4% in the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock worth $44,000 after purchasing an additional 1,353 shares during the period. Smartleaf Asset Management LLC purchased a new stake in shares of Nayax in the fourth quarter worth $69,000. Finally, Alliancebernstein L.P. bought a new stake in shares of Nayax during the 3rd quarter valued at $128,000. 34.87% of the stock is currently owned by hedge funds and other institutional investors.

Nayax Price Performance

The company has a debt-to-equity ratio of 1.43, a quick ratio of 2.03 and a current ratio of 2.12. The company has a market cap of $1.78 billion, a P/E ratio of 231.17 and a beta of 0.47. The firm's fifty day moving average is $65.36 and its two-hundred day moving average is $62.73.

Nayax (NASDAQ:NYAX - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.05. Nayax had a return on equity of 13.23% and a net margin of 1.74%.The company had revenue of $122.59 million for the quarter, compared to the consensus estimate of $116.75 million. As a group, analysts anticipate that Nayax Ltd. will post 0.75 earnings per share for the current fiscal year.

Nayax Company Profile

Nayax Ltd. is a global fintech company specializing in cashless payment solutions, telematics and management services for unattended retail environments. Founded in 2005 and headquartered in Israel, Nayax develops hardware and software platforms that enable vending machines, kiosks, laundromats, e-commerce and self-checkout points to accept a wide range of payment methods, including credit and debit cards, mobile wallets and contactless NFC transactions.

The company’s product portfolio comprises proprietary point-of-sale terminals—such as the VPOS and Carbon series—as well as a cloud-based management suite known as the Monyx platform.

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