Paymentus (NYSE:PAY) Reaches New 12-Month High – Here’s Why

Shares of Paymentus Holdings, Inc. (NYSE:PAY) reached a new 52-week high during trading on Wednesday . The stock traded as high as $25.37 and last traded at $25.32, with a volume of 459939 shares changing hands. The stock had previously closed at $23.53.

Analysts Set New Price Targets

PAY has been the topic of a number of recent analyst reports. StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. JPMorgan Chase & Co. increased their price target on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Robert W. Baird boosted their price objective on shares of Paymentus from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Monday. Canaccord Genuity Group raised shares of Paymentus to a “strong-buy” rating in a research report on Monday, July 8th. Finally, Baird R W upgraded shares of Paymentus from a “hold” rating to a “strong-buy” rating in a research 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.31.

Paymentus Stock Performance

The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 115.83 and a beta of 1.46. The firm has a 50-day simple moving average of $22.02 and a two-hundred day simple moving average of $20.46.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PAY. Quadrature Capital Ltd purchased a new stake in Paymentus during the 4th quarter worth about $537,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Paymentus by 15.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,441 shares of the business services provider’s stock worth $579,000 after buying an additional 3,341 shares in the last quarter. RiverPark Advisors LLC purchased a new stake in shares of Paymentus during the first quarter worth approximately $136,000. GSA Capital Partners LLP acquired a new stake in Paymentus in the first quarter valued at approximately $1,053,000. Finally, Essex Investment Management Co. LLC raised its holdings in Paymentus by 0.6% in the first quarter. Essex Investment Management Co. LLC now owns 206,550 shares of the business services provider’s stock valued at $4,699,000 after acquiring an additional 1,141 shares in the last quarter. 12.55% of the stock is currently owned by hedge funds and other institutional investors.

Paymentus Company Profile

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.