Payoneer: Strong Start
- Payoneer got off to a strong start as a public company with 42% revenue growth.
- The company disappointed on guidance due to weak payments volumes, but Payoneer still forecasts revenues to beat original 2021 estimates by $13 million to reach $445 million.
- The stock remains cheap at ~6x '22 EV/S targets.
- This idea was discussed in more depth with members of my private investing community, Out Fox The Street. Learn More »
After completing the business combination with the FTAC Olympus SPAC back at the end of June, Payoneer (PAYO) just reported a strong first quarterly report as a public company. Unfortunately, the market overly stressed on some of the Covid normalization numbers. My investment thesis remains very Bullish on the stock below $10, as the payments company continues to show promising long-term growth prospects in excess of 20%.
Read the full article on Seeking Alpha.
Disclosure: Long PAYO. Pleaser review the disclaimer page for more details.
Update - August 26
The downtrend on Payoneer appears broken and a breakout appears imminent. PAYO just needs to close above $10.25 and the stock off to the races, finally!