PayPay (NASDAQ:PAYP) Announces Quarterly Earnings Results

PayPay (NASDAQ:PAYP) issued its earnings results on Tuesday. The fintech company reported $0.16 earnings per share for the quarter, FiscalAI reports. The company had revenue of $749.66 million for the quarter.

PayPay Trading Up 1.9%

PayPay stock traded up $0.27 during mid-day trading on Tuesday, hitting $14.71. The company had a trading volume of 371,110 shares, compared to its average volume of 1,189,014. PayPay has a 12 month low of $12.07 and a 12 month high of $24.89. The company has a market capitalization of $9.96 billion and a PE ratio of 49.03. The stock’s 50 day moving average price is $15.93 and its two-hundred day moving average price is $17.09.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PAYP. Wolfe Research boosted their price objective on PayPay from $18.00 to $21.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. Morgan Stanley raised PayPay from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $24.00 to $23.00 in a research note on Thursday, July 23rd. Weiss Ratings lowered PayPay from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Cantor Fitzgerald restated an “overweight” rating on shares of PayPay in a research note on Monday, October 26th. Finally, Mizuho dropped their price target on PayPay from $26.00 to $23.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.45.

Hedge Funds Weigh In On PayPay

Large investors have recently modified their holdings of the stock. Robeco Institutional Asset Management B.V. grew its position in PayPay by 55.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 155,000 shares of the fintech company’s stock valued at $2,434,000 after purchasing an additional 55,000 shares during the last quarter. BlueCrest Capital Management Ltd purchased a new stake in shares of PayPay during the second quarter valued at $1,791,000. NWF Advisory Services Inc. purchased a new position in shares of PayPay during the second quarter valued at approximately $211,000. Finally, Center for Financial Planning Inc. bought a new position in PayPay in the third quarter valued at 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.