Perry Itai, Chief Accounting Officer at Payoneer Global Inc. (NASDAQ:PAYO), has reported a significant stock sale. On November 18, Itai sold 52,829 shares of common stock at an average price of $10.6371 per share, amounting to a total transaction value of approximately $561,947. This transaction was executed under a prearranged trading plan, as noted in the filing.
In addition to the sale, Itai engaged in several acquisitions of common stock through the exercise of stock options. These transactions included acquiring 3,290 shares at $0.01 per share, 2,820 shares at $2.74 per share, and 17,625 shares at $0.01 per share. These acquisitions were executed at prices significantly lower than the market value, reflecting the terms of the stock options.
Following these transactions, Itai's direct ownership stands at 201,882 shares. The transactions were part of a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell company stock in compliance with insider trading laws.
In other recent news, Payoneer has reported significant growth in its financial performance. The company has seen a 19% increase in total revenue for the third quarter of 2024, reaching $248 million. This growth is further supported by a 25% increase in total volume and an adjusted EBITDA of $69 million, marking a 28% margin. Notably, Payoneer's B2B segment expanded by 57%, contributing nearly a quarter of the quarter's revenue.
Benchmark, an independent analyst firm, has maintained a positive outlook on Payoneer, increasing the stock's price target to $12 from the previous $10. This decision reflects confidence in Payoneer's capacity to grow and is based on a detailed assessment of the company's adjusted earnings and market position.
In addition to these developments, Payoneer is in the process of acquiring a licensed Chinese payment service provider, a strategic initiative expected to conclude in the first half of 2025. With customer funds held rising by 13% to $6.1 billion and a revised revenue guidance for 2024 between $950 million and $960 million, these recent developments highlight the firm's robust financial outlook and growth potential.
InvestingPro Insights
Payoneer Global Inc. (NASDAQ:PAYO) has been experiencing significant momentum in the market, which aligns with the recent insider activity. According to InvestingPro data, the company's stock has shown impressive returns, with a 100.93% price total return over the past year and a substantial 82.05% return over the last six months. This strong performance is reflected in the stock trading near its 52-week high, with the current price at 99.0% of that peak.
The company's financial health appears robust, with revenue for the last twelve months reaching $940.3 million, 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 16.6% for the same period.
InvestingPro Tips highlight that Payoneer is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.25. This suggests that the stock may be undervalued compared to its growth prospects. Additionally, the company's cash flows are reported to sufficiently cover interest payments, indicating financial stability.
It's worth noting that while the stock's recent performance has been strong, the RSI suggests it may be in overbought territory. Investors considering Payoneer should be aware that the company does not pay a dividend, focusing instead on growth and reinvestment.
For readers interested in a deeper analysis, InvestingPro offers 12 additional tips for Payoneer, providing a more comprehensive view of the company's financial position and market outlook.
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