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Payoneer (PAYO) Receives a Buy from Needham

Needham analyst Mayank Tandon reiterated a Buy rating on Payoneer (PAYOResearch Report) today and set a price target of $9.00. The company’s shares closed yesterday at $5.68.

According to TipRanks, Tandon is a 5-star analyst with an average return of 11.4% and a 50.11% success rate. Tandon covers the Technology sector, focusing on stocks such as Epam Systems, Block, and BTRS Holdings.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Payoneer with a $8.50 average price target, representing a 49.65% upside. In a report released today, Goldman Sachs also maintained a Buy rating on the stock with a $8.50 price target.

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Based on Payoneer’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $136.96 million and a net profit of $20.21 million. In comparison, last year the company earned a revenue of $100.61 million and had a GAAP net loss of $3.51 million

Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PAYO in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Payoneer offers a global payment and commerce-enabling platform. Its infrastructure supports online money transfer and digital payment services. Payoneer’s products and services support marketplaces, enterprises, and SMBs (small and medium-sized businesses) in global transactions.

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