Paymentus (NYSE:PAY) Stock Price Down 6.7% – What’s Next?

by · The Cerbat Gem

Paymentus Holdings, Inc. (NYSE:PAY – Get Free Report)’s share price dropped 6.7% during trading on Tuesday . The company traded as low as $34.57 and last traded at $34.3550. Approximately 308,087 shares were traded during trading, a decline of 52% from the average daily volume of 648,182 shares. The stock had previously closed at $36.84.

Analysts Set New Price Targets

A number of research analysts have issued reports on PAY shares. Wall Street Zen upgraded Paymentus from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Wolfe Research upgraded shares of Paymentus from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, July 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Paymentus in a research report on Monday. Finally, Raymond James Financial set a $38.00 target price on shares of Paymentus and gave the company an “outperform” rating in a research report on Tuesday, August 5th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Check Out Our Latest Analysis on PAY

Paymentus Stock Down 7.0%

The business’s 50-day moving average price is $32.52 and its 200 day moving average price is $33.78. The company has a market capitalization of $4.30 billion, a P/E ratio of 74.51 and a beta of 1.50.

Institutional Investors Weigh In On Paymentus

A number of institutional investors and hedge funds have recently made changes to their positions in PAY. Morningstar Investment Management LLC purchased a new position in Paymentus during the third quarter worth about $818,000. Dark Forest Capital Management LP bought a new stake in shares of Paymentus during the 3rd quarter valued at about $325,000. Wasatch Advisors LP grew its holdings in shares of Paymentus by 210.1% during the third quarter. Wasatch Advisors LP now owns 4,694,109 shares of the business services provider’s stock worth $143,640,000 after purchasing an additional 3,180,156 shares in the last quarter. Summit Partners Public Asset Management LLC increased its position in shares of Paymentus by 159.0% in the third quarter. Summit Partners Public Asset Management LLC now owns 158,000 shares of the business services provider’s stock worth $4,835,000 after purchasing an additional 97,000 shares during the last quarter. Finally, Qube Research & Technologies Ltd raised its stake in Paymentus by 1.6% in the third quarter. Qube Research & Technologies Ltd now owns 459,166 shares of the business services provider’s stock valued at $14,050,000 after purchasing an additional 7,436 shares in the last quarter. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Paymentus Company Profile

(Get Free Report)

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.

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