Scott H. Galit, a director at Payoneer Global Inc. (NASDAQ:PAYO), a $3.6 billion market cap fintech company that has seen its stock surge nearly 100% over the past year, recently executed significant stock sales, according to a regulatory filing. On January 6, Galit sold 242,055 shares at a weighted average price of approximately $10.26 per share. The following day, he sold an additional 242,056 shares at a weighted average price of about $10.30 per share. These transactions, conducted under a pre-established trading plan, totaled approximately $4.98 million. After these sales, Galit holds 1,131,179 shares of Payoneer. The stock is currently trading near its 52-week high of $11.29, with InvestingPro data showing strong financial health metrics and robust cash flows. For deeper insights into insider trading patterns and comprehensive financial analysis, investors can access the detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, Payoneer has reported a significant 19% increase in total revenue for the third quarter of 2024, reaching a noteworthy $248 million. This coincides with a robust 25% growth in total volume and an adjusted EBITDA of $69 million, marking a 28% margin. Notably, the company’s B2B segment expanded by 57%, contributing nearly a quarter of the quarter’s revenue. Furthermore, Payoneer is progressing in its acquisition of a licensed Chinese payment service provider, expected to close in the first half of 2025. Wolfe Research has downgraded Payoneer’s stock rating to Peerperform, citing risks associated with discretionary eCommerce spending and potential headwinds from interest income. However, Benchmark maintained a Buy rating on Payoneer shares and increased the stock’s price target to $12 from the previous $10, reflecting confidence in Payoneer’s capacity to grow and perform well financially. These recent developments indicate a robust financial outlook for Payoneer with expectations of continued upward momentum.
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