Nayax (NASDAQ:NYAX) Trading Down 11% – Time to Sell?

Nayax Ltd. (NASDAQ:NYAX)’s share price dropped 11% during mid-day trading on Tuesday . The company traded as low as $65.07 and last traded at $64.05. Approximately 29,465 shares traded hands during mid-day trading, an increase of 53% from the average daily volume of 19,209 shares. The stock had previously closed at $71.96.

Analyst Ratings Changes

Several brokerages recently commented on NYAX. Jefferies Financial Group reaffirmed a “buy” rating and set a $79.80 price objective on shares of Nayax in a research note on Thursday, May 14th. Barclays started coverage on shares of Nayax in a research note on Wednesday. They issued an “equal weight” rating and a $75.00 target price on the stock. UBS Group raised their price target on shares of Nayax from $68.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, June 24th. Zacks Research upgraded shares of Nayax from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 1st. Finally, Wall Street Zen downgraded Nayax from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $78.16.

Nayax Trading Up 0.6%

The stock’s 50 day simple moving average is $67.95 and its 200 day simple moving average is $60.65. The firm has a market cap of $2.42 billion, a PE ratio of 83.61 and a beta of 0.47. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.88 and a current ratio of 0.99.

Nayax (NASDAQ:NYAX) last announced its earnings results on Tuesday, May 12th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.05). The company had revenue of $106.86 million during the quarter, compared to analysts’ expectations of $105.64 million. Nayax had a return on equity of 14.09% and a net margin of 6.95%. On average, sell-side analysts forecast that Nayax Ltd. will post 0.73 earnings per share for the current fiscal year.

Insider Activity

In other Nayax news, CEO Carly Lisanne Furman sold 1,753 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $73.31, for a total value of $128,512.43. Following the completion of the sale, the chief executive officer owned 21,821 shares of the company’s stock, valued at $1,599,697.51. This represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Michal Sever sold 5,000 shares of Nayax stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $64.32, for a total transaction of $321,600.00. Following the transaction, the chief marketing officer directly owned 17,306 shares in the company, valued at $1,113,121.92. This trade represents a 22.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 50,385 shares of company stock worth $3,659,391.

Hedge Funds Weigh In On Nayax

Several institutional investors and hedge funds have recently made changes to their positions in NYAX. Bank of America Corp DE raised its position in Nayax by 920.4% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock worth $44,000 after purchasing an additional 1,353 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Nayax by 43.9% during the first quarter. Goldman Sachs Group Inc. now owns 294,430 shares of the company’s stock valued at $9,966,000 after buying an additional 89,886 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Nayax by 19.7% during the second quarter. Geode Capital Management LLC now owns 33,511 shares of the company’s stock valued at $1,685,000 after buying an additional 5,523 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Nayax by 18.6% in the 2nd quarter. Legal & General Group Plc now owns 14,087 shares of the company’s stock valued at $711,000 after acquiring an additional 2,214 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Nayax by 210.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 590 shares of the company’s stock valued at $30,000 after acquiring an additional 400 shares during the period. Institutional investors own 34.87% of the company’s stock.

About Nayax

Nayax Ltd. is a global fintech company specializing in cashless payment solutions, telematics and management services for unattended retail environments. Founded in 2005 and headquartered in Israel, Nayax develops hardware and software platforms that enable vending machines, kiosks, laundromats, e-commerce and self-checkout points to accept a wide range of payment methods, including credit and debit cards, mobile wallets and contactless NFC transactions.

The company’s product portfolio comprises proprietary point-of-sale terminals—such as the VPOS and Carbon series—as well as a cloud-based management suite known as the Monyx platform.