Dayforce Inc (NYSE:DAY) Sees Large Decline in Short Interest

Dayforce Inc (NYSE:DAY) was the target of a large decline in short interest in February. As of February 28th, there was short interest totalling 6,900,000 shares, a decline of 19.6% from the February 13th total of 8,580,000 shares. Currently, 4.5% of the shares of the stock are short sold. Based on an average trading volume of 1,700,000 shares, the days-to-cover ratio is currently 4.1 days.

Dayforce Trading Up 0.9 %

NYSE:DAY traded up $0.50 during mid-day trading on Wednesday, hitting $57.63. The company had a trading volume of 1,951,394 shares, compared to its average volume of 1,664,586. The business’s fifty day moving average is $65.08 and its two-hundred day moving average is $67.81. The firm has a market cap of $9.16 billion, a P/E ratio of 523.96, a P/E/G ratio of 2.49 and a beta of 1.33. Dayforce has a fifty-two week low of $47.08 and a fifty-two week high of $82.69. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.15 and a current ratio of 1.13.

Dayforce (NYSE:DAY) last posted 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 net margin of 1.03% and a return on equity of 6.49%. As a group, research analysts expect that Dayforce will post 1.48 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price objective (down previously from $94.00) on shares of Dayforce in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $80.00 target price (down from $85.00) on shares of Dayforce in a research report on Wednesday, January 8th. Stifel Nicolaus dropped their price target on shares of Dayforce from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. Cowen raised shares of Dayforce from a “hold” rating to a “buy” rating in a report on Friday, March 7th. Finally, Citigroup cut their price target on Dayforce from $90.00 to $83.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.86.

Insider Transactions at Dayforce

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $8,489,839.26. This trade represents a 0.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.90% of the company’s stock.

Institutional Trading of Dayforce

Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. acquired a new stake in Dayforce during the third quarter worth approximately $11,135,000. KBC Group NV acquired a new stake in Dayforce during the 3rd quarter worth about $946,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Dayforce during the 3rd quarter valued at $19,273,000. Smartleaf Asset Management LLC lifted its holdings in shares of Dayforce by 69.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company’s stock worth $89,000 after purchasing an additional 501 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Dayforce during the 3rd quarter worth approximately $1,434,000.

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.