Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of PayPay Corporation (NASDAQ:PAYP – Free Report) by 4.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 803,649 shares of the fintech company’s stock after selling 34,604 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in PayPay were worth $12,617,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in PAYP. Robeco Institutional Asset Management B.V. boosted its stake in shares of 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 valued at $2,434,000 after purchasing an additional 55,000 shares in the last quarter. BlueCrest Capital Management Ltd bought a new stake in shares of PayPay in the 2nd quarter worth about $1,791,000. NWF Advisory Services Inc. acquired a new stake in shares of PayPay during the 2nd quarter worth about $211,000. Finally, Center for Financial Planning Inc. acquired a new stake in shares of PayPay during the 3rd quarter worth about $103,000.
Wall Street Analyst Weigh In
PAYP has been the subject of several analyst reports. Morgan Stanley raised shares of PayPay from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $24.00 to $23.00 in a report on Thursday, July 23rd. Citigroup decreased their price objective on shares of PayPay from $18.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday. Wolfe Research raised their price objective on shares of PayPay from $18.00 to $21.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Mizuho cut their target price on shares of PayPay from $26.00 to $23.00 and set an “outperform” rating for the company in a research note on Tuesday, August 4th. Finally, Weiss Ratings downgraded PayPay from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.36.
Read Our Latest Analysis on PAYP
PayPay Stock Performance
Shares of PAYP stock opened at $14.54 on Friday. PayPay Corporation has a 52 week low of $12.07 and a 52 week high of $24.89. The stock’s fifty day moving average is $15.90 and its 200-day moving average is $17.05.
PayPay (NASDAQ:PAYP – Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The fintech company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.03). The business had revenue of $749.66 million during the quarter. PayPay had a net margin of 15.75% and a return on equity of 16.34%. As a group, analysts predict that PayPay Corporation will post 0.80 earnings per share for the current fiscal year.
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.
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