NEW YORK—In recent transactions involving Payoneer Global Inc. (NASDAQ:PAYO), Chief Accounting Officer Perry Itai executed a series of stock transactions on November 5, 2024. These transactions were part of a pre-established Rule 10b5-1 trading plan.
On that day, Itai sold a total of 28,883 shares of Payoneer common stock, generating proceeds of approximately $280,829. The shares were sold at a weighted average price of $9.723 per share, with individual sale prices ranging from $9.20 to $10.00.
Additionally, Itai acquired a total of 28,883 shares through the exercise of stock options, with purchase prices ranging from $2.74 to $2.90 per share. The total cost of these acquisitions amounted to $82,165.
Following these transactions, Itai holds 228,738 shares of Payoneer stock directly. These moves reflect typical activity for corporate executives managing their equity holdings through planned trading strategies.
In other recent news, Payoneer has reported robust earnings and revenue results, with a significant 19% increase in total revenue for the third quarter of 2024, reaching a notable $248 million. This coincides with a strong 25% growth in total volume and an adjusted EBITDA of $69 million, marking a 28% margin. The company's B2B segment has shown a strong performance, expanding by 57% and contributing to nearly a quarter of the quarter's revenue.
Benchmark has maintained a positive outlook on Payoneer, increasing the stock's price target to $12 from the previous $10, while keeping a Buy rating. This decision reflects confidence in Payoneer's capacity to grow and the expectation that the company will continue to perform well financially.
Furthermore, Payoneer is in the process of acquiring a licensed Chinese payment service provider, expected to conclude in the first half of 2025. This acquisition is part of the company's strategic initiatives to drive continued growth. These are the recent developments for Payoneer, a company with a strong financial trajectory looking forward to the fiscal year 2026.
InvestingPro Insights
Payoneer Global Inc. (NASDAQ:PAYO) has been experiencing significant momentum in the market, which adds context to the recent insider transactions. According to InvestingPro data, the company's stock has shown remarkable performance, with a 98.28% price total return over the past six months and an 80.94% return over the last year. This strong performance aligns with the timing of Chief Accounting Officer Perry Itai's stock sales and option exercises.
The company's financial health appears robust, with revenue reaching $940.3 million in the last twelve months as of Q3 2024, representing a growth of 18.97%. Payoneer's profitability is also noteworthy, with a gross profit margin of 84.55% and an operating income margin of 15.48% for the same period.
InvestingPro Tips highlight that Payoneer is trading near its 52-week high, which is consistent with the recent stock performance and may have influenced the timing of the insider transactions. Additionally, the company is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.24, suggesting potential undervaluation despite the recent price surge.
For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips for Payoneer, providing a deeper understanding of the company's market position and potential.
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