Paymentus (NYSE:PAY) Trading Down 5% – Here’s Why

Paymentus Holdings, Inc. (NYSE:PAY)’s share price was down 5% during mid-day trading on Tuesday . The stock traded as low as $32.67 and last traded at $32.7690. 432,751 shares traded hands during trading, a decline of 51% from the average daily volume of 891,033 shares. The stock had previously closed at $34.50.

Analysts Set New Price Targets

PAY has been the subject of a number of analyst reports. Wall Street Zen raised shares of Paymentus from a “hold” rating to a “buy” rating in a research report on Sunday, September 13th. Wolfe Research cut shares of Paymentus from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, August 25th. The Goldman Sachs Group boosted their price target on Paymentus from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Freedom Broker raised Paymentus to a “strong-buy” rating in a research note on Tuesday, September 15th. Finally, Weiss Ratings upgraded Paymentus from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Paymentus currently has an average rating of “Moderate Buy” and a consensus price target of $38.67.

Paymentus Stock Performance

The company’s fifty day moving average price is $36.05 and its two-hundred day moving average price is $28.83. The firm has a market capitalization of $3.77 billion, a PE ratio of 45.37 and a beta of 1.31.

Paymentus (NYSE:PAY) last announced its quarterly earnings data on Monday, August 3rd. The business services provider reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.06. Paymentus had a net margin of 6.24% and a return on equity of 15.26%. The company had revenue of $360.74 million during the quarter, compared to analysts’ expectations of $345.44 million. During the same period in the previous year, the company earned $0.11 EPS. The business’s quarterly revenue was up 28.8% compared to the same quarter last year. On average, equities analysts expect that Paymentus Holdings, Inc. will post 0.75 earnings per share for the current year.

Insider Activity

In other news, Director Gary Trainor sold 80,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $40.79, for a total transaction of $3,263,200.00. Following the completion of the sale, the director owned 509,888 shares in the company, valued at approximately $20,798,331.52. The trade was a 13.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sanjay Kalra sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $41.21, for a total transaction of $1,030,250.00. Following the sale, the chief financial officer directly owned 508,506 shares of the company’s stock, valued at approximately $20,955,532.26. This trade represents a 4.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 147,909 shares of company stock worth $5,735,337 over the last ninety days. Corporate insiders own 55.75% of the company’s stock.

Institutional Investors Weigh In On Paymentus

Several large investors have recently made changes to their positions in PAY. Engineers Gate Manager LP purchased a new position in Paymentus in the second quarter valued at about $367,000. Arizona State Retirement System grew its position in Paymentus by 13.5% in the 2nd quarter. Arizona State Retirement System now owns 15,611 shares of the business services provider’s stock valued at $377,000 after buying an additional 1,861 shares in the last quarter. Globeflex Capital L P acquired a new stake in shares of Paymentus in the 2nd quarter worth approximately $2,134,000. Wedge Capital Management L L P NC bought a new position in shares of Paymentus in the second quarter valued at approximately $2,008,000. Finally, Handelsbanken Fonder AB boosted its stake in Paymentus by 88.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 18,300 shares of the business services provider’s stock valued at $442,000 after purchasing an additional 8,600 shares in the last quarter. Institutional investors and hedge funds own 78.38% of the company’s stock.

About Paymentus

Paymentus Holdings, Inc (NYSE: PAY) provides cloud-based electronic bill presentment and payment technology. Its platform enables organizations to issue bills and invoices, accept digital payments, and manage payment-related communications through web, mobile, text, interactive voice response, and other channels.

The company serves billers across industries including utilities, government, financial services, telecommunications, insurance, and other recurring-payment businesses. Its offerings are designed to support payment processing, billing and account management, customer engagement, automated notifications, and related back-office workflows through a unified software platform.

Paymentus was founded in 2004 and primarily serves organizations in the United States and Canada.