Short Interest in Corpay, Inc. (NYSE:CPAY) Expands By 31.6%

by · The Cerbat Gem

Corpay, Inc. (NYSE:CPAY – Get Free Report) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 2,040,000 shares, a growth of 31.6% from the February 13th total of 1,550,000 shares. Based on an average daily trading volume, of 474,100 shares, the short-interest ratio is presently 4.3 days. Approximately 3.0% of the shares of the company are short sold.

Insider Buying and Selling

In other Corpay news, Director Richard Macchia sold 2,427 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $375.23, for a total transaction of $910,683.21. Following the completion of the transaction, the director now owns 12,215 shares in the company, valued at $4,583,434.45. This trade represents a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corpay

A number of hedge funds have recently bought and sold shares of CPAY. Janney Montgomery Scott LLC boosted its stake in Corpay by 4.0% in the 3rd quarter. Janney Montgomery Scott LLC now owns 2,863 shares of the company’s stock worth $895,000 after purchasing an additional 111 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in Corpay by 4.3% in the 3rd quarter. Apollon Wealth Management LLC now owns 1,385 shares of the company’s stock worth $433,000 after purchasing an additional 57 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Corpay by 66.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,888 shares of the company’s stock worth $1,842,000 after purchasing an additional 2,355 shares in the last quarter. Huntington National Bank boosted its stake in Corpay by 43.0% in the 3rd quarter. Huntington National Bank now owns 133 shares of the company’s stock worth $42,000 after purchasing an additional 40 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Corpay by 7.3% in the 3rd quarter. CIBC Asset Management Inc now owns 10,196 shares of the company’s stock worth $3,189,000 after purchasing an additional 691 shares in the last quarter. Institutional investors own 98.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CPAY shares. BMO Capital Markets raised their price objective on shares of Corpay from $400.00 to $440.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Morgan Stanley raised their price objective on shares of Corpay from $350.00 to $380.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. Keefe, Bruyette & Woods raised their price objective on shares of Corpay from $415.00 to $445.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Wells Fargo & Company raised their price objective on shares of Corpay from $340.00 to $375.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Citigroup started coverage on shares of Corpay in a research report on Tuesday, January 14th. They issued a “buy” rating and a $430.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $399.71.

Read Our Latest Analysis on Corpay

Corpay Trading Down 0.1 %

NYSE:CPAY traded down $0.37 during trading hours on Tuesday, hitting $346.94. The company had a trading volume of 193,483 shares, compared to its average volume of 484,908. The company has a market capitalization of $24.37 billion, a PE ratio of 24.82, a price-to-earnings-growth ratio of 1.32 and a beta of 1.25. The stock has a 50-day moving average price of $364.75 and a 200 day moving average price of $349.44. Corpay has a 52 week low of $247.10 and a 52 week high of $400.81. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.00 and a quick ratio of 1.05.

Corpay (NYSE:CPAY – Get Free Report) last announced its earnings results on Wednesday, February 5th. The company reported $4.96 EPS for the quarter, missing analysts’ consensus estimates of $5.37 by ($0.41). Corpay had a net margin of 25.25% and a return on equity of 41.46%. On average, equities research analysts predict that Corpay will post 19.76 EPS for the current fiscal year.

About Corpay

(Get Free Report)

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.

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