Paymentus (NYSE:PAY) Trading Up 9% – Here’s What Happened

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

Wall Street Analyst Weigh In

PAY has been the subject of several research reports. Robert W. Baird increased their price objective on shares of Paymentus from $30.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Raymond James Financial reiterated a “strong-buy” rating and set a $36.00 price target on shares of Paymentus in a report on Friday, March 6th. Wedbush increased their price target on Paymentus from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings downgraded Paymentus from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 11th. One investment 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $35.20.

Paymentus Stock Performance

The stock has a market capitalization of $2.91 billion, a P/E ratio of 40.74 and a beta of 1.33. The stock’s fifty day simple moving average is $24.25 and its two-hundred day simple moving average is $26.23.

Paymentus (NYSE:PAY) last announced its quarterly earnings results on Monday, May 4th. The business services provider reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.04. The firm had revenue of $358.44 million during the quarter, compared to analysts’ expectations 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 in the prior year, the company posted $0.14 EPS. As a group, analysts expect that Paymentus Holdings, Inc. will post 0.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wasatch Advisors LP increased its stake in shares of Paymentus by 82.2% in the fourth quarter. Wasatch Advisors LP now owns 8,553,165 shares of the business services provider’s stock valued at $270,194,000 after buying an additional 3,859,056 shares during the period. Capital International Investors lifted its stake in shares of Paymentus by 6.6% in the fourth quarter. Capital International Investors now owns 7,655,433 shares of the business services provider’s stock worth $241,835,000 after acquiring an additional 474,780 shares during the period. Vanguard Group Inc. boosted its holdings in Paymentus by 20.7% in the fourth quarter. Vanguard Group Inc. now owns 4,391,890 shares of the business services provider’s stock valued at $138,740,000 after acquiring an additional 753,281 shares during the last quarter. Invesco Ltd. boosted its holdings in Paymentus by 115.8% in the third quarter. Invesco Ltd. now owns 3,788,090 shares of the business services provider’s stock valued at $115,916,000 after acquiring an additional 2,032,819 shares during the last quarter. Finally, Capital World Investors increased its position in Paymentus by 4.4% during the 4th quarter. Capital World Investors now owns 2,499,583 shares of the business services provider’s stock valued at $78,962,000 after purchasing an additional 105,970 shares during the period. 78.38% of the stock is owned by institutional investors and hedge funds.

About Paymentus

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.