Dayforce Inc (NYSE:DAY) Short Interest Down 19.6% in February

Dayforce Inc (NYSE:DAY) was the target of a large decrease in short interest in February. As of February 28th, there was short interest totalling 6,900,000 shares, a decrease of 19.6% from the February 13th total of 8,580,000 shares. Currently, 4.5% of the shares of the stock are sold short. Based on an average daily volume of 1,700,000 shares, the days-to-cover ratio is presently 4.1 days.

Dayforce Stock Performance

NYSE DAY traded up $0.50 on Wednesday, reaching $57.63. 1,951,394 shares of the company’s stock traded hands, compared to its average volume of 1,664,586. The firm has a market cap of $9.16 billion, a price-to-earnings ratio of 523.96, a P/E/G ratio of 2.49 and a beta of 1.33. Dayforce has a fifty-two week low of $47.08 and a fifty-two week high of $82.69. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.15 and a current ratio of 1.13. The stock has a 50 day moving average price of $65.08 and a 200-day moving average price of $67.81.

Dayforce (NYSE:DAY) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.09). Dayforce had a net margin of 1.03% and a return on equity of 6.49%. Equities research analysts predict that Dayforce will post 1.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $71.33, for a total value of $71,330.00. Following the completion of the sale, the chief operating officer now owns 119,022 shares of the company’s stock, valued at $8,489,839.26. This represents a 0.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On Dayforce

A number of hedge funds have recently added to or reduced their stakes in DAY. Principal Financial Group Inc. acquired a new position in Dayforce during the 3rd quarter worth approximately $11,135,000. KBC Group NV purchased a new position in shares of Dayforce during the third quarter worth approximately $946,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Dayforce in the third quarter valued at about $19,273,000. Smartleaf Asset Management LLC grew its stake in shares of Dayforce by 69.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company’s stock valued at $89,000 after purchasing an additional 501 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Dayforce in the 3rd quarter valued at $1,434,000.

Wall Street Analysts Forecast Growth

Several research analysts have commented on DAY shares. Jefferies Financial Group decreased their price objective on shares of Dayforce from $80.00 to $75.00 and set a “hold” rating for the company in a report on Thursday, February 6th. Stifel Nicolaus lowered their target price on Dayforce from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Cowen raised shares of Dayforce from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Citigroup cut their price target on Dayforce from $90.00 to $83.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Dayforce in a report on Thursday, February 6th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.86.

About Dayforce

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.