Microvast Holdings announces departure of chief financial officer
Beatrice Ordonez, the Chief Financial Officer of Payoneer Global Inc. (NASDAQ:PAYO), recently sold a significant portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Ordonez sold 85,000 shares of common stock, resulting in total proceeds of approximately $883,914. The sales were executed at a weighted average price of $10.399 per share, with the transaction prices ranging from $10.29 to $10.73. The transaction comes as Payoneer's stock has shown remarkable strength, with a 111.52% return over the past year. According to InvestingPro analysis, the company currently trades near its Fair Value.
This transaction was conducted under a Rule 10b5-1 trading plan, which Ordonez adopted on June 4, 2024. Following this sale, Ordonez retains ownership of 2,305,245 shares of Payoneer Global. The stock sale reflects Ordonez's strategic financial decisions as part of her role in managing the company's financial operations. InvestingPro data reveals Payoneer maintains strong financial health with a "GREAT" overall score, supported by robust cash flows and expected profit growth. Subscribers can access 8 additional ProTips and a comprehensive Pro Research Report for deeper insights into PAYO's financial outlook.
In other recent news, Payoneer reported a notable 19% increase in total revenue for the third quarter of 2024, reaching $248 million. This was accompanied by a robust 25% growth in total volume and an adjusted EBITDA of $69 million, marking a 28% margin. Impressively, the company's B2B segment expanded by 57%, contributing nearly a quarter of the quarter's revenue. Meanwhile, Wolfe Research has downgraded Payoneer's stock rating to Peerperform, citing potential risks associated with discretionary eCommerce spending and falling interest rates. On the other hand, Benchmark maintained a Buy rating on Payoneer shares and increased the stock's price target to $12 from the previous $10, reflecting confidence in the company's growth potential. Furthermore, Payoneer is making progress in acquiring a licensed Chinese payment service provider, with closure expected in the first half of 2025. These are among the recent developments for Payoneer, providing investors with a snapshot of the company's current financial landscape.
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