Payoneer Global (NASDAQ:PAYO) Shares Gap Up Following Analyst Upgrade

Key Points

• Payoneer Global's share price jumped from $6.50 to $7.28 before trading on Wednesday, reaching a last traded price of $7.51 with over 2 million shares exchanged.
• Analysts have mixed evaluations, with Citigroup reiterating a "buy" rating but lowering the price target to $10.00, while others adjusted their targets between $8.00 and $9.00, leading to a consensus target price of $9.81.
• Recent insider trading saw Director Susanna Morgan sell 16,180 shares at $6.77 each, reducing her ownership by 16.67%, indicating potential cautious sentiment from insiders.

Shares of Payoneer Global Inc. (NASDAQ:PAYO - Get Free Report) gapped up before the market opened on Wednesday after Needham & Company LLC raised their price target on the stock from $8.00 to $10.00. The stock had previously closed at $6.50, but opened at $7.28. Needham & Company LLC currently has a buy rating on the stock. Payoneer Global shares last traded at $7.51, with a volume of 2,167,361 shares.

A number of other research analysts have also recently issued reports on the stock. Jefferies Financial Group increased their target price on shares of Payoneer Global from $8.00 to $8.50 and gave the company a "buy" rating in a report on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft started coverage on Payoneer Global in a research note on Thursday, July 17th. They issued a "buy" rating and a $8.00 price objective for the company. Keefe, Bruyette & Woods upgraded Payoneer Global from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $7.00 to $9.00 in a research report on Tuesday, May 13th. Finally, Citigroup reissued a "buy" rating and issued a $10.00 target price (down previously from $13.00) on shares of Payoneer Global in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $10.06.

Insiders Place Their Bets

In other news, Director Susanna Morgan sold 16,180 shares of Payoneer Global stock in a transaction dated 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 directly owned 80,902 shares in the company, valued at $547,706.54. The trade was a 16.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.58% of the company's stock.

Institutional Trading of Payoneer Global

A number of hedge funds have recently added to or reduced their stakes in PAYO. Principal Financial Group Inc. boosted its holdings in Payoneer Global by 2.8% in the first quarter. Principal Financial Group Inc. now owns 1,593,475 shares of the company's stock valued at $11,648,000 after acquiring an additional 44,087 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Payoneer Global by 2,262.5% in the 1st quarter. SG Americas Securities LLC now owns 1,215,581 shares of the company's stock valued at $8,886,000 after purchasing an additional 1,164,128 shares in the last quarter. Aspen Capital Management LLC acquired a new position in shares of Payoneer Global in the 1st quarter valued at about $1,420,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Payoneer Global by 559.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,480 shares of the company's stock worth $62,000 after purchasing an additional 7,195 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Payoneer Global by 23.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 715,857 shares of the company's stock worth $7,187,000 after purchasing an additional 135,730 shares in the last quarter. 82.22% of the stock is owned by institutional investors and hedge funds.

Payoneer Global Stock Down 5.0%

The company's fifty day moving average is $6.76 and its 200 day moving average is $7.52. The stock has a market cap of $2.40 billion, a PE ratio of 25.54, a price-to-earnings-growth ratio of 8.74 and a beta of 0.97.

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

Payoneer Global Company Profile

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.