Scott H. Galit, a director at Payoneer Global Inc. (NASDAQ:PAYO), has sold a significant portion of his holdings in the company, according to recent filings with the Securities and Exchange Commission. The transactions, which took place on July 1st and 2nd, involved the sale of 352,932 shares of Payoneer stock, netting a total of over $3.8 million.
The sales were executed at prices ranging from $5.4283 to $5.4453 per share. Prior to these sales, Galit engaged in transactions that involved acquiring shares at a price of $1.41 each, for a total amount of $578,004. These acquisitions were conducted through the exercise of stock options that are fully vested and exercisable, as noted in the footnotes of the SEC filing.
Following these transactions, Galit's ownership in Payoneer stock has been adjusted to a total of 2,122,421 shares. The transactions were reported to have been carried out in accordance with a Rule 10b5-1 trading plan, which Galit had adopted on March 11, 2024. This plan allows corporate insiders to set up a predetermined schedule to buy or sell company stock to avoid accusations of insider trading.
Payoneer Global Inc., headquartered in New York, operates in the business services sector, providing financial services across a global platform. The company's stock is traded on the NASDAQ under the ticker symbol PAYO.
Investors and market watchers often pay close attention to insider transactions like these as they can provide insights into executives' perspectives on the company's current valuation and future prospects. However, it's important to note that insider trading activity is subject to various interpretations and does not necessarily indicate a specific trend.
The transactions were signed off by Kajal Shah-Sakaria, attorney-in-fact for Scott Galit, on July 3rd, 2024.
In other recent news, Payoneer Global Inc. demonstrated strong first-quarter growth for 2024, prompting a raise in its revenue and adjusted EBITDA guidance for the second quarter and the full year. The company reported an 8% increase in customers fitting their ideal customer profile and a 21% rise in volume. Total revenue grew by 19%, with an adjusted EBITDA margin reaching a record 29%. Payoneer also raised Q2 and full-year revenue guidance by $20 million and adjusted EBITDA guidance by $15 million.
The company projects full-year revenues to be between $895 million and $905 million. Payoneer plans to continue share buybacks and explore M&A opportunities, with incremental revenue from pricing initiatives expected to be $20 million in 2024. B2B volume growth is accelerating, with three consecutive quarters of growth. Lastly, Payoneer is aiming for 25% B2B volume growth for the remainder of 2024, expecting continued momentum in B2B volume growth due to customer acquisition, onboarding, and experience improvements.
InvestingPro Insights
In light of the recent insider transactions at Payoneer Global Inc. (NASDAQ:PAYO), investors may find additional context in the company's financial metrics and analyst expectations. Payoneer, with a solid market capitalization of $2.04 billion, reflects a robust presence in the business services sector. Analysts are optimistic about the company's trajectory, predicting that Payoneer will be profitable this year. This sentiment is supported by the company's performance over the last twelve months, where it has already achieved profitability.
InvestingPro data underscores this positive outlook, with Payoneer's revenue growth over the last twelve months standing at a healthy 27.04%. Additionally, the company's gross profit margin during the same period has been impressive at 85.11%, indicating efficient operations and strong control over costs. Despite not paying dividends, which could be a consideration for income-focused investors, Payoneer's P/E ratio of 17.37 suggests that the stock is being traded at a reasonable valuation relative to its earnings.
For those interested in a deeper dive into Payoneer's financial health and future prospects, there are additional InvestingPro Tips available at: https://www.investing.com/pro/PAYO. Readers looking to access these insights can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With these tools at their disposal, investors can make more informed decisions regarding their holdings in Payoneer Global Inc.
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