Paymentus (NYSE:PAY) Stock Price Down 4.1% – What’s Next?

Shares of Paymentus Holdings, Inc. (NYSE:PAY) fell 4.1% during mid-day trading on Monday . The stock traded as low as $33.56 and last traded at $33.56. 78,974 shares changed hands during trading, a decline of 82% from the average session volume of 443,048 shares. The stock had previously closed at $35.00.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. The Goldman Sachs Group raised their price target on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Wells Fargo & Company raised their price target on Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Finally, Robert W. Baird raised their price target on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Seven equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $28.80.

Paymentus Stock Down 4.7 %

The firm’s 50 day moving average is $32.74 and its two-hundred day moving average is $25.26. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 107.58 and a beta of 1.67.

Insiders Place Their Bets

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of Paymentus stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total value of $1,280,401.92. Following the completion of the transaction, the general counsel now owns 97,925 shares of the company’s stock, valued at $3,658,478. This trade represents a 25.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 87.76% of the company’s stock.

Hedge Funds Weigh In On Paymentus

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC increased its position in shares of Paymentus by 550.0% during the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 1,100 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of 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 purchasing an additional 1,027 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Paymentus during the 3rd quarter valued at $43,000. Barclays PLC increased its position in shares of Paymentus by 1,569.3% during the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 4,755 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Paymentus in the 3rd quarter worth about $132,000. 78.38% of the stock is currently 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.