PayPay (NASDAQ:PAYP) Stock Price Target Cut by Citigroup

PayPay (NASDAQ:PAYP) had its target price decreased by research analysts at Citigroup from $18.00 to $17.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the fintech company’s stock. Citigroup‘s price objective points to a potential upside of 16.92% from the company’s current price.

Several other equities research analysts have also recently commented on PAYP. Morgan Stanley raised PayPay from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $24.00 to $23.00 in a report on Thursday, July 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of PayPay in a research note on Monday, October 26th. Wolfe Research lifted their price target on PayPay from $18.00 to $21.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. Mizuho cut their price objective on PayPay from $26.00 to $23.00 and set an “outperform” rating for the company in a report on Tuesday, August 4th. Finally, Weiss Ratings cut PayPay from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.36.

PayPay Stock Performance

Shares of NASDAQ:PAYP traded down $1.42 on Thursday, hitting $14.54. The company’s stock had a trading volume of 669,471 shares, compared to its average volume of 1,185,415. PayPay has a 12 month low of $12.07 and a 12 month high of $24.89. The stock’s 50-day moving average is $15.92 and its two-hundred day moving average is $17.06. The company has a market capitalization of $9.84 billion and a price-to-earnings ratio of 48.47.

PayPay (NASDAQ:PAYP) last posted its quarterly earnings data on Tuesday, November 3rd. The fintech company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.03). The company had revenue of $749.66 million during the quarter. PayPay had a return on equity of 16.86% and a net margin of 15.75%. Equities analysts expect that PayPay will post 0.80 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PayPay

Institutional investors have recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. raised its holdings in shares of PayPay by 55.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 155,000 shares of the fintech company’s stock valued at $2,434,000 after acquiring an additional 55,000 shares during the period. BlueCrest Capital Management Ltd acquired a new position in PayPay during the second quarter valued at $1,791,000. NWF Advisory Services Inc. acquired a new stake in PayPay during the 2nd quarter worth about $211,000. Finally, Center for Financial Planning Inc. acquired a new stake in PayPay during the 3rd quarter worth about $103,000.

About PayPay

PayPay is a Japan-based financial technology company that operates a digital payments and financial services platform. Its core offering is a mobile wallet that enables consumers to make cashless payments at participating retailers, restaurants, online merchants and service providers using smartphones and QR codes.

The company’s platform also supports person-to-person money transfers, bill payments, loyalty and rewards programs, and related digital financial services. PayPay has expanded its ecosystem through integrations with merchants and other businesses, helping facilitate electronic payments for consumers and companies across Japan.

PayPay was launched in 2018 and was established through a partnership involving SoftBank and the corporate group now known as LY Corporation.