Paymentus (NYSE:PAY) Shares Gap Up on Analyst Upgrade

Paymentus Holdings, Inc. (NYSE:PAY)’s stock price gapped up prior to trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $21.00 to $27.00. The stock had previously closed at $26.61, but opened at $32.11. Wells Fargo & Company currently has an equal weight rating on the stock. Paymentus shares last traded at $31.77, with a volume of 460,988 shares.

PAY has been the subject of several other research reports. StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. The Goldman Sachs Group boosted their target price on shares of Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their target price on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, Robert W. Baird upped their price objective on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday. Seven 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 data from MarketBeat, Paymentus has an average rating of “Hold” and a consensus price target of $26.90.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PAY. GSA Capital Partners LLP boosted its holdings 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 acquiring an additional 34,307 shares during the last quarter. Quadrature Capital Ltd boosted its stake in shares of Paymentus by 130.1% in the 1st 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 during the last quarter. Vanguard Group Inc. grew its position in shares of Paymentus by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock worth $31,596,000 after buying an additional 8,457 shares during the period. Comerica Bank raised its stake in shares of Paymentus by 4,713.1% during the first quarter. Comerica Bank now owns 20,552 shares of the business services provider’s stock worth $468,000 after buying an additional 20,125 shares during the last quarter. Finally, Algert Global LLC lifted its holdings 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 buying an additional 4,216 shares during the period. 12.55% of the stock is currently owned by institutional investors.

Paymentus Price Performance

The business’s 50 day simple moving average is $23.16 and its 200-day simple moving average is $21.15. The stock has a market capitalization of $4.20 billion, a P/E ratio of 108.87 and a beta of 1.41.

Paymentus Company Profile

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.