Paymentus (NYSE:PAY) Trading 9% Higher – Here’s Why

Paymentus Holdings, Inc. (NYSE:PAY) shares traded up 9% during mid-day trading on Friday . The stock traded as high as $22.87 and last traded at $23.1760. Approximately 540,221 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 692,654 shares. The stock had previously closed at $21.27.

Analysts Set New Price Targets

A number of research firms recently weighed in on PAY. Weiss Ratings cut shares of Paymentus from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Wedbush upped their price target on Paymentus from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Raymond James Financial restated a “strong-buy” rating and set a $36.00 price target on shares of Paymentus in a research report on Friday, March 6th. Finally, Robert W. Baird lifted their price objective on Paymentus from $30.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $35.20.

Paymentus Trading Up 9.7%

The firm’s fifty day simple moving average is $24.17 and its 200 day simple moving average is $26.21. The company has a market cap of $2.93 billion, a price-to-earnings ratio of 40.92 and a beta of 1.33.

Paymentus (NYSE:PAY) last announced its quarterly earnings data on Monday, May 4th. The business services provider reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.04. The business had revenue of $358.44 million for the quarter, compared to analyst estimates of $335.45 million. Paymentus had a net margin of 5.78% and a return on equity of 13.75%. The company’s revenue was up 30.2% on a year-over-year basis. During the same period last year, the business earned $0.14 EPS. As a group, sell-side analysts expect that Paymentus Holdings, Inc. will post 0.65 EPS for the current year.

Institutional Trading of Paymentus

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada boosted its position in shares of Paymentus by 26.8% during the 1st quarter. Royal Bank of Canada now owns 183,144 shares of the business services provider’s stock worth $4,780,000 after acquiring an additional 38,731 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Paymentus by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider’s stock worth $425,000 after purchasing an additional 683 shares during the last quarter. Millennium Management LLC lifted its stake in Paymentus by 4.2% during the first quarter. Millennium Management LLC now owns 243,860 shares of the business services provider’s stock worth $6,365,000 after purchasing an additional 9,890 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Paymentus by 275.8% in the first quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider’s stock valued at $14,927,000 after purchasing an additional 419,736 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Paymentus by 34.7% in the second quarter. Legal & General Group Plc now owns 25,668 shares of the business services provider’s stock valued at $841,000 after purchasing an additional 6,616 shares in the last quarter. 78.38% of the stock is currently owned by institutional investors and hedge funds.

Paymentus Company Profile

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.