Dayforce (NYSE:DAY) Shares Gap Down – Should You Sell?

Shares of Dayforce Inc (NYSE:DAY) gapped down before the market opened on Tuesday . The stock had previously closed at $59.54, but opened at $58.21. Dayforce shares last traded at $58.73, with a volume of 34,844 shares changing hands.

Analyst Upgrades and Downgrades

DAY has been the subject of several research reports. Stifel Nicolaus dropped their price target on Dayforce from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. TD Cowen raised Dayforce from a “hold” rating to a “buy” rating and upped their price target for the company from $67.00 to $68.00 in a report on Friday, March 7th. Scotiabank cut their price target on Dayforce from $72.00 to $55.00 and set a “sector perform” rating on the stock in a research report on Monday, March 17th. Piper Sandler cut their price target on shares of Dayforce from $83.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price target on shares of Dayforce in a research note on Thursday, May 8th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Dayforce presently has an average rating of “Moderate Buy” and a consensus target price of $71.54.

Dayforce Trading Down 0.7%

The firm’s 50 day moving average is $56.66 and its 200 day moving average is $66.26. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 537.28, a price-to-earnings-growth ratio of 2.49 and a beta of 1.17. The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47.

Insider Activity

In other news, EVP Samer Alkharrat sold 1,916 shares of the company’s stock in a transaction on Friday, April 25th. The stock was sold at an average price of $56.64, for a total transaction of $108,522.24. Following the transaction, the executive vice president now owns 150,237 shares of the company’s stock, valued at $8,509,423.68. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP William Everett Mcdonald sold 2,000 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $56.16, for a total value of $112,320.00. Following the completion of the transaction, the executive vice president now directly owns 105,691 shares of the company’s stock, valued at approximately $5,935,606.56. The trade was a 1.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Dayforce

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. bought a new position in shares of Dayforce in the 3rd quarter valued at about $11,135,000. Assenagon Asset Management S.A. boosted its holdings in shares of Dayforce by 7.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 41,842 shares of the company’s stock valued at $3,039,000 after purchasing an additional 2,893 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Dayforce by 167.7% during the fourth quarter. SG Americas Securities LLC now owns 19,322 shares of the company’s stock worth $1,404,000 after buying an additional 12,103 shares during the period. Pacer Advisors Inc. raised its position in shares of Dayforce by 20.0% in the 4th quarter. Pacer Advisors Inc. now owns 13,929 shares of the company’s stock worth $1,012,000 after acquiring an additional 2,326 shares in the last quarter. Finally, Forsta AP Fonden bought a new position in Dayforce during the fourth quarter worth $2,673,000.

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.