Paymentus (NYSE:PAY) Trading 17.5% Higher – What’s Next?

Paymentus Holdings, Inc. (NYSE:PAY) rose 17.5% during trading on Tuesday . The stock traded as high as $27.48 and last traded at $29.01. Approximately 75,134 shares changed hands during trading, a decline of 76% from the average daily volume of 316,355 shares. The stock had previously closed at $24.68.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PAY shares. Wells Fargo & Company increased their price target on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Wedbush reaffirmed an “outperform” rating and set a $38.00 price target on shares of Paymentus in a research note on Wednesday. Robert W. Baird lowered their price target on Paymentus from $40.00 to $36.00 and set an “outperform” rating for the company in a research report on Tuesday. StockNews.com cut Paymentus from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. decreased their price objective on Paymentus from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, six have given 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, the company has a consensus rating of “Hold” and an average target price of $31.83.

Paymentus Price Performance

The stock has a market cap of $3.54 billion, a P/E ratio of 92.08 and a beta of 1.68. The company has a 50 day simple moving average of $30.18 and a 200-day simple moving average of $28.49.

Insider Buying and Selling

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

Institutional Investors Weigh In On Paymentus

Hedge funds have recently bought and sold shares of the business. Capital International Investors increased its stake in shares of Paymentus by 25.6% during the fourth quarter. Capital International Investors now owns 4,362,065 shares of the business services provider’s stock valued at $142,509,000 after purchasing an additional 888,914 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Paymentus in the fourth quarter worth $24,568,000. Invesco Ltd. grew its position in Paymentus by 246.2% during the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock valued at $18,931,000 after buying an additional 412,095 shares during the period. Price T Rowe Associates Inc. MD purchased a new position in shares of Paymentus during the 4th quarter worth $12,064,000. Finally, Adams Street Partners LLC purchased a new stake in shares of Paymentus in the 4th quarter worth $8,953,000. Institutional investors own 78.38% 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.