Paymentus (NYSE:PAY) Shares Up 7% – What’s Next?

Paymentus Holdings, Inc. (NYSE:PAY) shot up 7% during trading on Friday . The company traded as high as $22.63 and last traded at $22.62. 77,679 shares traded hands during trading, a decline of 67% from the average session volume of 236,817 shares. The stock had previously closed at $21.15.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PAY shares. Canaccord Genuity Group upgraded shares of Paymentus to a “strong-buy” rating in a research report on Monday, July 8th. The Goldman Sachs Group boosted their target price on shares of Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a research note on Friday, August 9th. StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. JPMorgan Chase & Co. boosted their target price 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, Baird R W upgraded Paymentus from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Seven analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.19.

Paymentus Stock Up 7.7 %

The stock has a 50 day moving average price of $21.47 and a two-hundred day moving average price of $20.36. The firm has a market cap of $2.84 billion, a PE ratio of 91.12 and a beta of 1.46.

Paymentus (NYSE:PAY) last released its quarterly earnings data on Thursday, August 8th. The business services provider reported $0.12 EPS for the quarter, topping the consensus estimate of $0.09 by $0.03. The business had revenue of $197.42 million for the quarter, compared to analyst estimates of $180.57 million. Paymentus had a return on equity of 9.33% and a net margin of 4.63%. The business’s quarterly revenue was up 32.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 EPS. As a group, equities analysts anticipate that Paymentus Holdings, Inc. will post 0.32 earnings per share for the current year.

Hedge Funds Weigh In On Paymentus

Hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in shares of Paymentus in the 3rd quarter valued at approximately $132,000. Cubist Systematic Strategies LLC grew its stake in shares of Paymentus by 8.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 137,272 shares of the business services provider’s stock valued at $2,608,000 after purchasing an additional 10,729 shares during the last quarter. Algert Global LLC grew its stake in shares of Paymentus by 3.2% in the 2nd quarter. Algert Global LLC now owns 135,056 shares of the business services provider’s stock valued at $2,566,000 after purchasing an additional 4,216 shares during the last quarter. Millennium Management LLC grew its stake in shares of Paymentus by 1.1% in the 2nd quarter. Millennium Management LLC now owns 285,781 shares of the business services provider’s stock valued at $5,430,000 after purchasing an additional 3,124 shares during the last quarter. Finally, AQR Capital Management LLC purchased a new position in shares of Paymentus in the 2nd quarter valued at approximately $233,000. 12.55% of the stock is currently owned by hedge funds and other institutional investors.

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.