Paymentus (NYSE:PAY) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Paymentus Holdings, Inc. (NYSE:PAY) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $24.69 and traded as high as $33.65. Paymentus shares last traded at $33.01, with a volume of 467,587 shares changing hands.

Wall Street Analyst Weigh In

PAY has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Robert W. Baird lifted their price objective on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Finally, The Goldman Sachs Group increased their price objective on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Seven equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $28.80.

Paymentus Stock Performance

The business has a 50 day moving average of $31.89 and a two-hundred day moving average of $24.69. The stock has a market capitalization of $4.11 billion, a PE ratio of 106.48 and a beta of 1.63.

Insider Buying and Selling at Paymentus

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the transaction, the general counsel now directly owns 97,925 shares of the company’s stock, valued at approximately $3,658,478. This represents a 25.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 87.76% of the company’s stock.

Hedge Funds Weigh In On Paymentus

Hedge funds have recently modified their holdings of the stock. MCF Advisors LLC lifted its stake in shares of Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 650 shares during the period. Advisors Asset Management Inc. boosted its position in shares of Paymentus by 155.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 1,027 shares during the last quarter. nVerses Capital LLC grew its holdings in shares of Paymentus by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 1,100 shares during the period. RiverPark Advisors LLC increased its position in Paymentus by 8.8% during the third quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock worth $311,000 after purchasing an additional 1,258 shares during the last quarter. Finally, Arcadia Investment Management Corp MI raised its stake in Paymentus by 141.1% during the second quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after purchasing an additional 1,381 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.

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.