Paymentus (NYSE:PAY) Shares Gap Down – Here’s What Happened

Shares of Paymentus Holdings, Inc. (NYSE:PAY) gapped down before the market opened on Monday . The stock had previously closed at $29.66, but opened at $28.76. Paymentus shares last traded at $27.68, with a volume of 83,479 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. StockNews.com lowered Paymentus from a “hold” rating to a “sell” rating in a report on Tuesday, March 11th. Robert W. Baird dropped their price objective on Paymentus from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. JPMorgan Chase & Co. dropped their price objective on Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Wedbush reissued an “outperform” rating and issued a $38.00 price objective on shares of Paymentus in a report on Wednesday, March 12th. Finally, Wells Fargo & Company lifted their price target on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $31.83.

Paymentus Trading Down 5.6 %

The stock has a market cap of $3.49 billion, a PE ratio of 90.71 and a beta of 1.68. The company has a fifty day moving average of $30.01 and a 200-day moving average of $28.63.

Insiders Place Their Bets

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the completion of the transaction, the general counsel now directly owns 94,855 shares of the company’s stock, valued at approximately $3,033,462.90. This represents a 3.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total value of $505,250.06. Following the transaction, the chief financial officer now directly owns 466,035 shares of the company’s stock, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 87.76% of the stock is owned by company insiders.

Institutional Trading of Paymentus

A number of large investors have recently made changes to their positions in PAY. Park Square Financial Group LLC acquired a new stake in shares of Paymentus in the 4th quarter valued at about $32,000. Advisors Asset Management Inc. raised its stake in Paymentus by 155.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 1,027 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in Paymentus during the 4th quarter valued at approximately $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Paymentus during the 3rd quarter valued at approximately $43,000. Finally, R Squared Ltd purchased a new stake in Paymentus during the 4th quarter valued at approximately $43,000. 78.38% of the stock is owned by institutional investors and hedge funds.

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.