Dayforce (NYSE:DAY) Sees Large Volume Increase – Here’s Why

Dayforce, Inc. (NYSE:DAY) shares saw unusually-strong trading volume on Wednesday . Approximately 3,997,811 shares changed hands during trading, an increase of 74% from the previous session’s volume of 2,300,784 shares.The stock last traded at $69.0330 and had previously closed at $68.95.

Analyst Ratings Changes

A number of equities analysts have recently commented on DAY shares. Zacks Research lowered shares of Dayforce from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 5th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Dayforce from $60.00 to $70.00 and gave the company a “hold” rating in a research note on Friday, August 22nd. Mizuho set a $70.00 target price on shares of Dayforce in a research report on Friday, August 22nd. William Blair downgraded Dayforce from an “outperform” rating to a “hold” rating in a research report on Wednesday, August 20th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $70.00 price objective (down from $72.00) on shares of Dayforce in a research note on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $70.36.

Dayforce Stock Performance

The firm’s fifty day moving average price is $68.74 and its 200-day moving average price is $63.81. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. The company has a market cap of $11.08 billion, a P/E ratio of -73.66, a P/E/G ratio of 2.67 and a beta of 1.20.

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

Insider Transactions at Dayforce

In other news, EVP Samer Alkharrat sold 3,233 shares of Dayforce stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $68.55, for a total transaction of $221,622.15. Following the sale, the executive vice president owned 117,934 shares of the company’s stock, valued at approximately $8,084,375.70. This trade represents a 2.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Everett Mcdonald sold 1,912 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $68.25, for a total value of $130,494.00. Following the completion of the transaction, the executive vice president owned 101,772 shares of the company’s stock, valued at $6,945,939. The trade was a 1.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 76,179 shares of company stock worth $5,219,460 over the last 90 days. Insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Dayforce

Hedge funds have recently made changes to their positions in the business. MUFG Securities EMEA plc acquired a new stake in shares of Dayforce during the 2nd quarter valued at about $26,000. SVB Wealth LLC bought a new position in Dayforce during the first quarter worth about $30,000. UMB Bank n.a. lifted its stake in Dayforce by 82.6% during the third quarter. UMB Bank n.a. now owns 431 shares of the company’s stock worth $30,000 after purchasing an additional 195 shares during the period. Assetmark Inc. boosted its holdings in Dayforce by 701.4% during the second quarter. Assetmark Inc. now owns 561 shares of the company’s stock valued at $31,000 after purchasing an additional 491 shares in the last quarter. Finally, National Pension Service grew its stake in shares of Dayforce by 74.5% in the 1st quarter. National Pension Service now owns 541 shares of the company’s stock valued at $32,000 after purchasing an additional 231 shares during the period.

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.