Paymentus (NYSE:PAY) Sees Unusually-High Trading Volume After Analyst Upgrade

Paymentus Holdings, Inc. (NYSE:PAY) shares saw unusually-strong trading volume on Monday after The Goldman Sachs Group raised their price target on the stock from $23.50 to $33.00. The Goldman Sachs Group currently has a neutral rating on the stock. Approximately 336,835 shares were traded during trading, an increase of 31% from the previous session’s volume of 257,908 shares.The stock last traded at $35.18 and had previously closed at $33.50.

A number of other equities research analysts have also recently weighed in on PAY. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. Wells Fargo & Company upped their price target on Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. JPMorgan Chase & Co. upped their price objective on shares of Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, Robert W. Baird increased their price target on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Seven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Paymentus has an average rating of “Hold” and an average target price of $28.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. nVerses Capital LLC boosted its stake in Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after buying an additional 1,100 shares in the last quarter. MCF Advisors LLC boosted its holdings in shares of Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after acquiring an additional 650 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Paymentus by 155.1% in the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after buying an additional 1,027 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Paymentus in the 3rd quarter valued at about $43,000. Finally, Arcadia Investment Management Corp MI lifted its position in shares of Paymentus by 141.1% during the second quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after purchasing an additional 1,381 shares in the last quarter. Institutional investors own 12.55% of the company’s stock.

Paymentus Price Performance

The company’s 50 day moving average price is $24.24 and its 200 day moving average price is $21.54. The firm has a market capitalization of $4.45 billion, a P/E ratio of 115.39 and a beta of 1.41.

About Paymentus

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.