Paymentus (NYSE:PAY) Sees Unusually-High Trading Volume After Analyst Upgrade

Paymentus Holdings, Inc. (NYSE:PAY) shares saw unusually-high trading volume on Monday after The Goldman Sachs Group raised their price target on the stock from $23.50 to $33.00. The Goldman Sachs Group currently has a neutral rating on the stock. Approximately 336,835 shares traded hands during mid-day trading, an increase of 31% from the previous session’s volume of 257,908 shares.The stock last traded at $35.18 and had previously closed at $33.50.

PAY has been the topic of several other reports. JPMorgan Chase & Co. raised 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. Robert W. Baird raised their price objective on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. Wells Fargo & Company increased their price target on Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group cut Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Seven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $28.80.

Hedge Funds Weigh In On Paymentus

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GSA Capital Partners LLP raised its position in shares of Paymentus by 38.2% in the 3rd quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock worth $2,486,000 after acquiring an additional 34,307 shares in the last quarter. Quadrature Capital Ltd boosted its holdings in Paymentus by 130.1% in the first quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock worth $1,575,000 after acquiring an additional 39,136 shares in the last quarter. Versor Investments LP bought a new position in shares of Paymentus in the 3rd quarter worth $331,000. Vanguard Group Inc. grew its position in Paymentus by 0.6% in the 1st 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 during the period. Finally, Comerica Bank grew its holdings 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 valued at $468,000 after buying an additional 20,125 shares during the last quarter. Institutional investors and hedge funds own 12.55% of the company’s stock.

Paymentus Stock Performance

The business has a 50 day simple moving average of $24.24 and a 200-day simple moving average of $21.54. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 115.39 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.