Citigroup Issues Pessimistic Forecast for PayPay (NASDAQ:PAYP) Stock Price

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

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

PayPay Stock Down 8.9%

Shares of PayPay stock traded down $1.42 on Thursday, hitting $14.54. 669,471 shares of the company traded hands, 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 company has a market cap of $9.84 billion and a PE ratio of 48.47. The company has a 50-day moving average price of $15.92 and a 200 day moving average price of $17.06.

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

Institutional Inflows and Outflows

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