Corpay, Inc. (NYSE:CPAY) Short Interest Up 13.1% in August

Corpay, Inc. (NYSE:CPAY) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 2,240,000 shares, a growth of 13.1% from the August 15th total of 1,980,000 shares. Approximately 3.3% of the company’s stock are short sold. Based on an average daily trading volume, of 455,400 shares, the days-to-cover ratio is presently 4.9 days.

Analyst Upgrades and Downgrades

CPAY has been the topic of a number of recent research reports. Evercore ISI reduced their target price on shares of Corpay from $350.00 to $345.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 25th. Wells Fargo & Company initiated coverage on shares of Corpay in a research report on Wednesday, June 5th. They set an “equal weight” rating and a $285.00 price objective on the stock. Jefferies Financial Group increased their price objective on shares of Corpay from $295.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Wolfe Research raised shares of Corpay from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, September 3rd. Finally, William Blair raised shares of Corpay to a “strong-buy” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $332.50.

Hedge Funds Weigh In On Corpay

Several institutional investors have recently made changes to their positions in CPAY. Los Angeles Capital Management LLC bought a new position in shares of Corpay in the 1st quarter worth approximately $33,840,000. GAMMA Investing LLC bought a new stake in Corpay during the 1st quarter worth approximately $149,000. Pensionfund Sabic bought a new stake in Corpay during the 1st quarter worth approximately $1,327,000. Beese Fulmer Investment Management Inc. bought a new stake in Corpay during the 1st quarter worth approximately $1,398,000. Finally, Massmutual Trust Co. FSB ADV bought a new stake in Corpay during the 1st quarter worth approximately $61,000. Institutional investors own 98.84% of the company’s stock.

Corpay Stock Down 0.2 %

Shares of NYSE CPAY opened at $306.88 on Wednesday. The company’s 50-day moving average is $294.31. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market cap of $21.31 billion, a P/E ratio of 22.83, a PEG ratio of 1.22 and a beta of 1.22. Corpay has a 52-week low of $220.39 and a 52-week high of $319.94.

Corpay (NYSE:CPAY) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $4.55 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.04. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The firm had revenue of $975.70 million for the quarter, compared to analysts’ expectations of $973.84 million. During the same quarter in the prior year, the business earned $3.85 EPS. The business’s quarterly revenue was up 2.9% on a year-over-year basis. As a group, equities research analysts anticipate that Corpay will post 17.81 EPS for the current fiscal year.

Corpay Company Profile

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.