Paymentus (NYSE:PAY) Stock Price Down 4.1% – What’s Next?

Paymentus Holdings, Inc. (NYSE:PAY)’s share price fell 4.1% during mid-day trading on Monday . The stock traded as low as $33.56 and last traded at $33.56. 78,974 shares traded hands during trading, a decline of 82% from the average session volume of 443,048 shares. The stock had previously closed at $35.00.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PAY. The Goldman Sachs Group boosted their price objective on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Robert W. Baird upped their price target on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company upped their target price on shares of Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Seven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $28.80.

Paymentus Trading Down 4.7 %

The firm’s fifty day moving average is $32.74 and its 200 day moving average is $25.26. The company has a market cap of $4.16 billion, a PE ratio of 107.58 and a beta of 1.67.

Insiders Place Their Bets

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 shares were sold at an average price of $37.36, for a total value of $1,280,401.92. Following the completion of the transaction, the general counsel now owns 97,925 shares in the company, valued at approximately $3,658,478. This represents a 25.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 87.76% of the company’s stock.

Institutional Trading of Paymentus

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in Paymentus by 4.0% during the second quarter. Dimensional Fund Advisors LP now owns 541,049 shares of the business services provider’s stock worth $10,279,000 after buying an additional 20,767 shares during the period. XTX Topco Ltd acquired a new stake in Paymentus in the second quarter valued at $339,000. Cubist Systematic Strategies LLC raised its stake in shares of Paymentus by 8.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 137,272 shares of the business services provider’s stock worth $2,608,000 after buying an additional 10,729 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of Paymentus in the second quarter valued at about $233,000. Finally, Millennium Management LLC increased its stake in shares of Paymentus by 1.1% during the 2nd quarter. Millennium Management LLC now owns 285,781 shares of the business services provider’s stock worth $5,430,000 after purchasing an additional 3,124 shares in the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

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.