Paymentus (NYSE:PAY) Shares Gap Down to $22.20

Paymentus Holdings, Inc. (NYSE:PAY)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $22.20, but opened at $20.90. Paymentus shares last traded at $18.66, with a volume of 116,417 shares traded.

Analysts Set New Price Targets

A number of analysts recently commented on PAY shares. Citigroup lifted their price target on Paymentus from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Tuesday. TheStreet lowered Paymentus from a “c-” rating to a “d+” rating in a report on Thursday, February 15th. The Goldman Sachs Group lifted their price target on Paymentus from $20.00 to $22.50 and gave the stock a “neutral” rating in a report on Monday, April 15th. JPMorgan Chase & Co. boosted their target price on Paymentus from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, March 6th. Finally, Wells Fargo & Company boosted their target price on Paymentus from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.06.

Paymentus Stock Down 14.0 %

The company has a 50-day moving average of $20.73 and a 200 day moving average of $17.98. The firm has a market capitalization of $2.37 billion, a PE ratio of 102.72 and a beta of 1.54.

Paymentus (NYSE:PAY) last released its quarterly earnings results on Monday, March 4th. The business services provider reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The business had revenue of $164.80 million during the quarter, compared to analyst estimates of $157.38 million. Paymentus had a return on equity of 7.42% and a net margin of 3.63%. Paymentus’s quarterly revenue was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.02 EPS. As a group, equities analysts anticipate that Paymentus Holdings, Inc. will post 0.35 EPS for the current fiscal year.

Institutional Trading of Paymentus

Several hedge funds and other institutional investors have recently made changes to their positions in PAY. Wakefield Asset Management LLLP purchased a new stake in Paymentus during the 4th quarter valued at $875,000. Deutsche Bank AG purchased a new stake in Paymentus during the 3rd quarter valued at $11,806,000. Vanguard Group Inc. boosted its stake in Paymentus by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,345,935 shares of the business services provider’s stock valued at $22,343,000 after purchasing an additional 29,882 shares during the last quarter. Ridgewood Investments LLC purchased a new stake in Paymentus during the 4th quarter valued at $465,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Paymentus during the 4th quarter valued at $45,000. Hedge funds and other institutional investors own 12.55% 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.