Paymentus (NYSE:PAY) Stock Price Up 17.5% – Here’s What Happened

Paymentus Holdings, Inc. (NYSE:PAY)’s share price shot up 17.5% during mid-day trading on Tuesday . The company traded as high as $27.48 and last traded at $29.01. 75,134 shares were traded during trading, a decline of 76% from the average session volume of 316,355 shares. The stock had previously closed at $24.68.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PAY shares. Wells Fargo & Company increased their price objective on shares of Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. The Goldman Sachs Group increased their price target on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Robert W. Baird cut their price objective on shares of Paymentus from $40.00 to $36.00 and set an “outperform” rating for the company in a research report on Tuesday. Canaccord Genuity Group cut Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Finally, Wedbush began coverage on shares of Paymentus in a research report on Monday, February 3rd. They set an “outperform” rating on the stock. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $30.60.

Paymentus Stock Up 24.8 %

The stock’s 50 day moving average price is $30.45 and its two-hundred day moving average price is $28.41. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of 99.34 and a beta of 1.68.

Insider Activity

In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the transaction, the general counsel now owns 94,855 shares in the company, valued at approximately $3,033,462.90. This represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the sale, the chief financial officer now directly owns 466,035 shares in the company, valued at approximately $14,908,459.65. The trade was a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 87.76% of the company’s stock.

Institutional Investors Weigh In On Paymentus

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Park Square Financial Group LLC purchased a new stake in shares of Paymentus during the fourth quarter worth about $32,000. Advisors Asset Management Inc. increased its stake in Paymentus by 155.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after buying an additional 1,027 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of Paymentus during the fourth quarter valued at approximately $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Paymentus in the third quarter valued at approximately $43,000. Finally, R Squared Ltd acquired a new stake in shares of Paymentus in the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors 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.