Paymentus (NYSE:PAY) Stock Price Down 7.7% on Analyst Downgrade

Shares of Paymentus Holdings, Inc. (NYSE:PAY) traded down 7.7% on Wednesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $28.28 and last traded at $28.38. 157,953 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 322,372 shares. The stock had previously closed at $30.75.

Several other equities research analysts have also recently weighed in on the company. Canaccord Genuity Group cut Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Wedbush assumed coverage on Paymentus in a report on Monday, February 3rd. They issued an “outperform” rating on the stock. The Goldman Sachs Group upped their price target on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a report on Friday, November 15th. JPMorgan Chase & Co. lowered their price target on Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Wells Fargo & Company upped their price target on Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $30.60.

Insider Buying and Selling

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

Hedge Funds Weigh In On Paymentus

Several institutional investors have recently added to or reduced their stakes in the company. Park Square Financial Group LLC purchased a new position in shares of Paymentus in the 4th quarter worth approximately $32,000. Advisors Asset Management Inc. boosted its holdings 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 period. TimesSquare Capital Management LLC purchased a new position in Paymentus during the 4th quarter valued at $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Paymentus during the 3rd quarter valued at $43,000. Finally, R Squared Ltd purchased a new position in Paymentus during the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Paymentus Stock Performance

The stock has a fifty day moving average of $30.25 and a 200-day moving average of $28.49. The company has a market cap of $3.46 billion, a PE ratio of 89.62 and a beta of 1.68.

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.