Short Interest in Dayforce Inc (NYSE:DAY) Drops By 6.5%

Dayforce Inc (NYSE:DAY) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 14,680,000 shares, a drop of 6.5% from the October 15th total of 15,700,000 shares. Based on an average daily trading volume, of 1,420,000 shares, the days-to-cover ratio is currently 10.3 days. Approximately 9.7% of the shares of the company are short sold.

Insider Buying and Selling

In related news, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $69.25, for a total value of $138,500.00. Following the completion of the sale, the chief operating officer now directly owns 98,437 shares in the company, valued at approximately $6,816,762.25. This trade represents a 1.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey Scott Jacobs sold 643 shares of Dayforce stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total value of $40,746.91. Following the completion of the sale, the insider now owns 34,074 shares of the company’s stock, valued at $2,159,269.38. The trade was a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,643 shares of company stock worth $384,617. 4.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in DAY. Select Equity Group L.P. purchased a new position in Dayforce in the 2nd quarter worth approximately $721,310,000. EdgePoint Investment Group Inc. purchased a new stake in shares of Dayforce during the 2nd quarter worth approximately $521,396,000. Dragoneer Investment Group LLC purchased a new stake in shares of Dayforce during the 2nd quarter worth approximately $193,274,000. Dimensional Fund Advisors LP purchased a new stake in shares of Dayforce during the 2nd quarter worth approximately $51,027,000. Finally, Cannae Holdings Inc. purchased a new stake in shares of Dayforce during the 2nd quarter worth approximately $49,600,000.

Analyst Upgrades and Downgrades

DAY has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft boosted their price target on Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Barclays boosted their price target on Dayforce from $70.00 to $80.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. TD Cowen boosted their price target on Dayforce from $58.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, October 7th. KeyCorp boosted their price target on Dayforce from $80.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Mizuho boosted their price target on Dayforce from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.08.

Dayforce Price Performance

NYSE DAY traded down $0.18 during trading hours on Monday, reaching $74.38. The company’s stock had a trading volume of 412,770 shares, compared to its average volume of 1,604,944. The firm’s 50-day moving average price is $65.44 and its 200-day moving average price is $58.15. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.47. Dayforce has a 1 year low of $47.08 and a 1 year high of $81.32. The company has a market capitalization of $11.73 billion, a price-to-earnings ratio of 225.95, a PEG ratio of 3.50 and a beta of 1.27.

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.