Paymentus (NYSE:PAY) Shares Gap Up Following Earnings Beat

by · The Markets Daily

Paymentus Holdings, Inc. (NYSE:PAY – Get Free Report)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $26.61, but opened at $32.11. Paymentus shares last traded at $31.77, with a volume of 460,988 shares trading hands.

The business services provider reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.07. The firm had revenue of $231.57 million for the quarter, compared to analysts’ expectations of $191.80 million. Paymentus had a net margin of 4.63% and a return on equity of 9.33%.

Wall Street Analysts Forecast Growth

PAY has been the topic of several research analyst reports. Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday. The Goldman Sachs Group raised their target price on shares of Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a report on Friday, August 9th. Robert W. Baird increased their price target on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. StockNews.com upgraded shares of Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Seven investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $25.70.

Read Our Latest Stock Analysis on Paymentus

Hedge Funds Weigh In On Paymentus

Several large investors have recently modified their holdings of PAY. GSA Capital Partners LLP increased its stake in Paymentus by 38.2% in the third quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock valued at $2,486,000 after purchasing an additional 34,307 shares in the last quarter. Quadrature Capital Ltd increased its stake in Paymentus by 130.1% in the first quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock valued at $1,575,000 after purchasing an additional 39,136 shares in the last quarter. Vanguard Group Inc. increased its stake in Paymentus by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock valued at $31,596,000 after purchasing an additional 8,457 shares in the last quarter. Comerica Bank increased its stake in Paymentus by 4,713.1% in the first quarter. Comerica Bank now owns 20,552 shares of the business services provider’s stock valued at $468,000 after purchasing an additional 20,125 shares in the last quarter. Finally, Algert Global LLC increased its stake in Paymentus by 3.2% in the second quarter. Algert Global LLC now owns 135,056 shares of the business services provider’s stock valued at $2,566,000 after purchasing an additional 4,216 shares in the last quarter. Institutional investors own 12.55% of the company’s stock.

Paymentus Stock Up 22.5 %

The stock has a market capitalization of $4.06 billion, a P/E ratio of 130.41 and a beta of 1.41. The firm’s 50 day simple moving average is $22.92 and its two-hundred day simple moving average is $21.06.

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.

Read More