Analysts covering Payoneer Global Inc. (NASDAQ: PAYO) have established a consensus recommendation of “Moderate Buy” for the company’s shares, with an average target price of $9.00. This assessment comes from a total of nine analysts, among whom two have rated the stock as a hold and seven have issued buy recommendations, according to data from Marketbeat.com.
The evaluations follow a series of recent reports from prominent equity research firms. On October 6, 2023, Needham & Company LLC reiterated its “buy” rating, setting a price target of $10.00. In contrast, Jefferies Financial Group established a price objective of $7.00 on November 5, 2023. Earlier, on December 23, 2023, Benchmark revised its target down from $12.00 to $10.00 while maintaining a buy rating. Additionally, Wall Street Zen upgraded Payoneer Global from a “sell” to a “hold” rating in a report dated November 8, 2023, and Weiss Ratings reissued a “hold (c)” rating on October 8, 2023.
Recent Financial Performance
Payoneer Global recently released its quarterly earnings report on November 5, 2023. The company reported earnings per share (EPS) of $0.04, falling short of the consensus estimate of $0.06 by $0.02. Despite this, Payoneer achieved a revenue of $270.85 million for the quarter, exceeding the expected $262.66 million. This reflects a year-over-year revenue increase of 9.1%, although the EPS dropped from $0.11 in the same period last year. Analysts project that Payoneer Global will post an EPS of $0.34 for the ongoing fiscal year.
Institutional Investor Activity
Recent activity among institutional investors reveals a notable shift in holdings related to Payoneer Global. Tudor Investment Corp ET AL increased its stake in the company by 15.8% during the third quarter, now holding 1,065,357 shares valued at approximately $6.45 million after acquiring an additional 145,084 shares. Swiss Life Asset Management Ltd purchased a new stake valued at around $80,000, while CIBC Bancorp USA Inc. and PharVision Advisers LLC also entered new positions worth $180,000 and $332,000, respectively.
XTX Topco Ltd significantly increased its holdings by 86.0%, now owning 93,101 shares valued at $563,000. Overall, hedge funds and institutional investors currently hold 82.22% of Payoneer Global’s stock, indicating strong institutional confidence in the company’s future.
Founded in 2005, Payoneer Global operates a digital payments platform that facilitates cross-border transactions for businesses, marketplaces, and professionals. The company offers multi-currency receiving accounts, mass payout services, and working capital solutions, enabling seamless fund transfers in over 150 currencies. With clients in more than 200 countries and territories, Payoneer has transformed from a small fintech startup into a widely adopted payments infrastructure provider.
As the financial landscape continues to evolve, Payoneer Global is positioned to remain a significant player in the digital payments sector, supported by robust analyst ratings and active institutional investment.
