Payoneer Global (NASDAQ:PAYO) Shares Gap Down on Disappointing Earnings

Payoneer Global Inc. (NASDAQ:PAYO) 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 changing hands.

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

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Payoneer Global

Several institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC bought a new position in Payoneer Global during the 1st quarter worth $25,000. Quarry LP bought a new stake in Payoneer Global in the 4th quarter valued at about $29,000. Versant Capital Management Inc boosted its stake in Payoneer Global by 420.6% during the 1st quarter. Versant Capital Management Inc now owns 5,034 shares of the company’s stock valued at $37,000 after purchasing an additional 4,067 shares during the period. Smartleaf Asset Management LLC grew its position in Payoneer Global by 405.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,819 shares of the company’s stock worth $38,000 after purchasing an additional 3,064 shares during the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Payoneer Global by 29.3% in the fourth quarter. Fifth Third Bancorp now owns 4,488 shares of the company’s stock valued at $45,000 after purchasing an additional 1,016 shares during the period. 82.22% of the stock is owned by institutional investors.

Payoneer Global Price Performance

The stock has a fifty day moving average price of $6.97 and a two-hundred day moving average price of $9.06. The company has a market cap of $2.28 billion, a P/E ratio of 18.09, a PEG 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.