Dayforce (NYSE:DAY) Shares Gap Down – Here’s Why

Dayforce Inc (NYSE:DAY)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $61.99, but opened at $58.96. Dayforce shares last traded at $60.54, with a volume of 891,123 shares changing hands.

Wall Street Analysts Forecast Growth

DAY has been the subject of several analyst reports. Stifel Nicolaus reduced their price target on shares of Dayforce from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. Scotiabank decreased their price target on Dayforce from $75.00 to $72.00 and set a “sector perform” rating for the company in a research note on Thursday, February 6th. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price objective (down from $94.00) on shares of Dayforce in a research report on Wednesday, February 5th. Barclays reduced their price objective on Dayforce from $80.00 to $69.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Finally, Mizuho upped their target price on shares of Dayforce from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.64.

Dayforce Price Performance

The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47. The stock has a market cap of $9.49 billion, a P/E ratio of 546.96, a P/E/G ratio of 2.49 and a beta of 1.26. The firm has a 50 day moving average price of $69.27 and a 200 day moving average price of $67.89.

Dayforce (NYSE:DAY) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.09). Dayforce had a return on equity of 6.49% and a net margin of 1.03%. On average, analysts forecast that Dayforce Inc will post 1.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Stephen H. Holdridge sold 1,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $71.33, for a total transaction of $71,330.00. Following the completion of the transaction, the chief operating officer now directly owns 119,022 shares of the company’s stock, valued at approximately $8,489,839.26. This trade represents a 0.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 4.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC purchased a new position in Dayforce during the 3rd quarter valued at approximately $40,000. Quarry LP purchased a new position in shares of Dayforce in the third quarter valued at $51,000. Harvest Fund Management Co. Ltd bought a new stake in Dayforce in the fourth quarter worth $61,000. Federated Hermes Inc. purchased a new stake in Dayforce during the fourth quarter valued at $72,000. Finally, AlphaQuest LLC lifted its position in Dayforce by 14,800.0% during the fourth quarter. AlphaQuest LLC now owns 1,043 shares of the company’s stock valued at $76,000 after purchasing an additional 1,036 shares during the last quarter.

Dayforce Company Profile

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.