Payoneer Global (NASDAQ:PAYO) Shares Gap Down Following Weak Earnings

Shares of Payoneer Global Inc. (NASDAQ:PAYO - Get Free Report) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $7.13, but opened at $6.44. Payoneer Global shares last traded at $6.45, with a volume of 2,106,616 shares.

The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.02). The business had revenue of $246.62 million for the quarter, compared to the consensus estimate of $244.52 million. Payoneer Global had a return on equity of 17.78% and a net margin of 13.82%. Payoneer Global's revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.08 earnings per share.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft started coverage on Payoneer Global in a research note on Monday, February 3rd. They issued a "buy" rating and a $13.00 target price on the stock. Keefe, Bruyette & Woods dropped their price target on Payoneer Global from $8.00 to $7.00 and set a "market perform" rating for the company in a research report on Thursday. Citigroup raised their price target on shares of Payoneer Global from $14.50 to $16.50 and gave the stock a "buy" rating in a report on Tuesday, March 4th. The Goldman Sachs Group decreased their price objective on shares of Payoneer Global from $11.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Finally, Needham & Company LLC cut their target price on shares of Payoneer Global from $14.00 to $8.00 and set a "buy" rating on the stock in a research note on Thursday. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $11.36.

Hedge Funds Weigh In On Payoneer Global

Institutional investors have recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. purchased a new position in Payoneer Global during the fourth quarter worth $1,233,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Payoneer Global during the 4th quarter worth about $1,276,000. Entropy Technologies LP acquired a new stake in shares of Payoneer Global in the fourth quarter worth $540,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Payoneer Global by 133.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 97,538 shares of the company's stock worth $990,000 after purchasing an additional 55,766 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new stake in Payoneer Global in the fourth quarter valued at approximately $1,809,000. 82.22% of the stock is owned by institutional investors and hedge funds.

Payoneer Global Stock Performance

The business's fifty day simple moving average is $6.94 and its 200 day simple moving average is $9.05. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 18.94, a price-to-earnings-growth ratio of 2.88 and a beta of 1.03.

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.