Dayforce, Inc. (NYSE:DAY) Sees Large Increase in Short Interest

Dayforce, Inc. (NYSE:DAY) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totaling 10,057,863 shares, an increase of 84.1% from the November 30th total of 5,463,315 shares. Based on an average daily volume of 4,488,883 shares, the days-to-cover ratio is presently 2.2 days. Approximately 6.6% of the shares of the stock are short sold. Approximately 6.6% of the shares of the stock are short sold. Based on an average daily volume of 4,488,883 shares, the days-to-cover ratio is presently 2.2 days.

Dayforce Stock Performance

Shares of Dayforce stock traded up $0.04 on Monday, hitting $69.20. The stock had a trading volume of 1,770,309 shares, compared to its average volume of 3,267,502. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of 65.87, a price-to-earnings-growth ratio of 2.76 and a beta of 1.20. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. Dayforce has a twelve month low of $48.01 and a twelve month high of $75.14. The business’s 50 day moving average is $68.91 and its two-hundred day moving average is $64.74.

Dayforce (NYSE:DAY) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.19). The firm had revenue of $481.60 million during the quarter, compared to the consensus estimate of $481.22 million. Dayforce had a negative net margin of 7.91% and a positive return on equity of 6.54%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.47 earnings per share. Analysts forecast that Dayforce will post 1.48 EPS for the current year.

Analyst Upgrades and Downgrades

DAY has been the subject of several research reports. Stifel Nicolaus reaffirmed a “hold” rating and set a $70.00 price target (down from $72.00) on shares of Dayforce in a research note on Friday, September 19th. Weiss Ratings reiterated a “sell (d)” rating on shares of Dayforce in a research note on Monday, December 22nd. Zacks Research downgraded shares of Dayforce from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 5th. Citigroup downgraded Dayforce from a “buy” rating to a “neutral” rating and set a $70.00 target price on the stock. in a research report on Wednesday, September 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Dayforce in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Dayforce currently has a consensus rating of “Hold” and an average price target of $70.36.

Insiders Place Their Bets

In other news, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $68.87, for a total transaction of $137,740.00. Following the sale, the chief operating officer directly owned 178,814 shares of the company’s stock, valued at $12,314,920.18. This represents a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP William Everett Mcdonald sold 1,912 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $68.25, for a total transaction of $130,494.00. Following the sale, the executive vice president directly owned 101,772 shares of the company’s stock, valued at approximately $6,945,939. This trade represents a 1.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 70,947 shares of company stock valued at $4,859,263. 4.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in DAY. Pentwater Capital Management LP acquired a new stake in shares of Dayforce in the third quarter valued at approximately $378,895,000. EdgePoint Investment Group Inc. raised its holdings in Dayforce by 55.0% in the 1st quarter. EdgePoint Investment Group Inc. now owns 13,860,521 shares of the company’s stock valued at $808,484,000 after acquiring an additional 4,918,825 shares in the last quarter. Magnetar Financial LLC acquired a new position in Dayforce in the 3rd quarter valued at $52,316,000. Balyasny Asset Management L.P. bought a new stake in shares of Dayforce during the 3rd quarter valued at $43,861,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Dayforce by 1,055.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 567,796 shares of the company’s stock worth $39,115,000 after purchasing an additional 518,636 shares in the last quarter.

Dayforce Company Profile

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. The company also provides payroll and payroll-related services; and implementation and professional services.