Payoneer Global (NASDAQ:PAYO) Sets New 52-Week High After Strong Earnings

Shares of Payoneer Global Inc. (NASDAQ:PAYO - Get Free Report) hit a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $9.33 and last traded at $9.22, with a volume of 424422 shares trading hands. The stock had previously closed at $8.52.

The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.07. Payoneer Global had a net margin of 11.25% and a return on equity of 15.28%. The business had revenue of $248.30 million for the quarter, compared to the consensus estimate of $225.44 million. During the same period last year, the firm posted $0.05 earnings per share. Payoneer Global's quarterly revenue was up 19.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price target on shares of Payoneer Global from $7.00 to $8.00 and gave the company an "outperform" rating in a report on Thursday, August 8th. The Goldman Sachs Group boosted their target price on Payoneer Global from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Monday, October 14th. Benchmark raised their price target on shares of Payoneer Global from $9.00 to $10.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Cantor Fitzgerald upgraded shares of Payoneer Global to a "strong-buy" rating in a report on Monday, August 12th. Finally, Northland Securities raised their target price on Payoneer Global from $9.00 to $10.00 and gave the stock an "outperform" rating in a report on Tuesday, September 10th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Payoneer Global currently has an average rating of "Buy" and a consensus target price of $8.93.

Insider Buying and Selling

In other news, CAO Itai Perry sold 4,100 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $8.00, for a total transaction of $32,800.00. Following the completion of the transaction, the chief accounting officer now directly owns 228,738 shares in the company, valued at approximately $1,829,904. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Payoneer Global news, Director Scott H. Galit sold 150,000 shares of the business's stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $7.07, for a total transaction of $1,060,500.00. Following the sale, the director now directly owns 1,809,674 shares of the company's stock, valued at $12,794,395.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Itai Perry sold 4,100 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $8.00, for a total value of $32,800.00. Following the sale, the chief accounting officer now owns 228,738 shares in the company, valued at approximately $1,829,904. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 158,000 shares of company stock worth $1,124,500. Corporate insiders own 5.57% of the company's stock.

Hedge Funds Weigh In On Payoneer Global

Several large investors have recently modified their holdings of PAYO. Los Angeles Capital Management LLC purchased a new position in Payoneer Global during the 3rd quarter valued at $210,000. Advisor Resource Council bought a new position in shares of Payoneer Global in the third quarter worth about $105,000. Van ECK Associates Corp increased its stake in Payoneer Global by 1.6% in the 3rd quarter. Van ECK Associates Corp now owns 84,209 shares of the company's stock worth $634,000 after buying an additional 1,306 shares during the period. FSC Wealth Advisors LLC bought a new stake in Payoneer Global during the 3rd quarter valued at about $68,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Payoneer Global by 19,791.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 41,772 shares of the company's stock valued at $315,000 after buying an additional 41,562 shares during the period. Institutional investors own 82.22% of the company's stock.

Payoneer Global Stock Performance

The firm has a market capitalization of $3.93 billion, a P/E ratio of 38.15 and a beta of 0.82. The stock's 50 day simple moving average is $7.75 and its 200 day simple moving average is $6.45.

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.