Paymentus (NYSE:PAY) Trading 7% Higher – Here’s Why

Paymentus Holdings, Inc. (NYSE:PAY) traded up 7% during mid-day trading on Friday . The company traded as high as $22.63 and last traded at $22.62. 77,679 shares were traded during mid-day trading, a decline of 67% from the average session volume of 236,817 shares. The stock had previously closed at $21.15.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Baird R W upgraded Paymentus from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. JPMorgan Chase & Co. boosted their price target on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. The Goldman Sachs Group increased their price objective on shares of Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a report on Friday, August 9th. StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. Finally, Robert W. Baird raised their target price on shares of Paymentus from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Seven investment analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.19.

Paymentus Price Performance

The firm has a fifty day moving average price of $21.40 and a two-hundred day moving average price of $20.39. The stock has a market capitalization of $2.83 billion, a PE ratio of 90.48 and a beta of 1.46.

Paymentus (NYSE:PAY) last posted its quarterly earnings results on Thursday, August 8th. The business services provider reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The firm had revenue of $197.42 million for the quarter, compared to analysts’ expectations of $180.57 million. Paymentus had a net margin of 4.63% and a return on equity of 9.33%. The business’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 earnings per share. On average, research analysts expect that Paymentus Holdings, Inc. will post 0.32 earnings per share for the current fiscal year.

Institutional Trading of Paymentus

A number of large investors have recently modified their holdings of PAY. Vanguard Group Inc. boosted its stake in shares of Paymentus by 0.6% during the first 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 in the last quarter. Dimensional Fund Advisors LP boosted its stake in Paymentus by 4.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 541,049 shares of the business services provider’s stock worth $10,279,000 after purchasing an additional 20,767 shares in the last quarter. Millennium Management LLC grew its position in Paymentus by 1.1% during the 2nd quarter. Millennium Management LLC now owns 285,781 shares of the business services provider’s stock worth $5,430,000 after purchasing an additional 3,124 shares during the last quarter. Essex Investment Management Co. LLC raised its holdings in shares of Paymentus by 0.6% in the first quarter. Essex Investment Management Co. LLC now owns 206,550 shares of the business services provider’s stock worth $4,699,000 after buying an additional 1,141 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of Paymentus by 8.5% in the second quarter. Cubist Systematic Strategies LLC now owns 137,272 shares of the business services provider’s stock worth $2,608,000 after buying an additional 10,729 shares during the last quarter. Hedge funds and other institutional investors own 12.55% of the company’s stock.

About Paymentus

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.