Dayforce (NYSE:DAY) Sees Unusually-High Trading Volume – Time to Buy?

Dayforce, Inc. (NYSE:DAY) saw strong trading volume on Wednesday . 6,628,864 shares changed hands during mid-day trading, an increase of 212% from the previous session’s volume of 2,124,480 shares.The stock last traded at $69.4540 and had previously closed at $69.50.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on DAY shares. Citigroup downgraded shares of Dayforce from a “buy” rating to a “neutral” rating and set a $70.00 price target on the stock. in a research note on Wednesday, September 17th. Weiss Ratings restated a “sell (d)” rating on shares of Dayforce in a research note on Monday, December 29th. Stifel Nicolaus reiterated a “hold” rating and set a $70.00 target price (down from $72.00) on shares of Dayforce in a research note on Friday, September 19th. UBS Group downgraded shares of Dayforce from a “strong-buy” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Dayforce in a report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $70.36.

Dayforce Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $11.11 billion, a P/E ratio of -73.87, a P/E/G ratio of 2.12 and a beta of 1.18. The stock has a 50 day moving average of $69.01 and a 200 day moving average of $65.27.

Dayforce (NYSE:DAY) last announced 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 for the quarter, compared to analyst estimates 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 was up 9.5% compared to the same quarter last year. During the same period last year, the firm posted $0.47 EPS. Equities analysts predict that Dayforce, Inc. will post 1.48 EPS for the current year.

Insider Buying and Selling

In related news, EVP William Everett Mcdonald sold 1,912 shares of Dayforce stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $68.25, for a total value of $130,494.00. Following the transaction, the executive vice president owned 101,772 shares of the company’s stock, valued at approximately $6,945,939. This trade represents a 1.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Samer Alkharrat sold 3,233 shares of the business’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $68.55, for a total value of $221,622.15. Following the sale, the executive vice president owned 117,934 shares in the company, valued at approximately $8,084,375.70. The trade was a 2.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 70,947 shares of company stock worth $4,859,263. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Dayforce

Several hedge funds have recently made changes to their positions in DAY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Dayforce by 3.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,089 shares of the company’s stock valued at $938,000 after purchasing an additional 559 shares during the period. Millennium Management LLC grew its holdings in shares of Dayforce by 15.0% during the 1st quarter. Millennium Management LLC now owns 855,546 shares of the company’s stock valued at $49,904,000 after acquiring an additional 111,698 shares in the last quarter. UniSuper Management Pty Ltd increased its stake in shares of Dayforce by 26.0% in the first quarter. UniSuper Management Pty Ltd now owns 32,741 shares of the company’s stock worth $1,910,000 after acquiring an additional 6,763 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of Dayforce during the first quarter worth $251,000. Finally, MBB Public Markets I LLC acquired a new position in Dayforce in the 1st quarter worth about $321,000.

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.