Dayforce Inc (NYSE:DAY) Sees Significant Decrease in Short Interest

Dayforce Inc (NYSE:DAY) saw a large decrease in short interest in February. As of February 28th, there was short interest totalling 6,900,000 shares, a decrease of 19.6% from the February 13th total of 8,580,000 shares. Based on an average trading volume of 1,700,000 shares, the days-to-cover ratio is currently 4.1 days. Currently, 4.5% of the company’s stock are sold short.

Dayforce Stock Performance

NYSE DAY opened at $57.63 on Thursday. The stock has a market cap of $9.16 billion, a P/E ratio of 523.96, a PEG ratio of 2.49 and a beta of 1.33. The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47. Dayforce has a twelve month low of $47.08 and a twelve month high of $82.69. The company’s 50-day simple moving average is $64.83 and its 200 day simple moving average is $67.74.

Dayforce (NYSE:DAY) last issued its earnings results on Wednesday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.09). Dayforce had a return on equity of 6.49% and a net margin of 1.03%. As a group, research analysts forecast that Dayforce will post 1.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Piper Sandler restated an “overweight” rating and set a $83.00 price target (down from $94.00) on shares of Dayforce in a report on Wednesday, February 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 target price on shares of Dayforce in a report on Thursday, February 6th. Barclays cut their price target on Dayforce from $80.00 to $69.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Stifel Nicolaus lowered their price objective on shares of Dayforce from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $80.00 target price (down previously from $85.00) on shares of Dayforce in a research report on Wednesday, January 8th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.86.

Insider Transactions at Dayforce

In related news, COO Stephen H. Holdridge sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $71.33, for a total transaction of $71,330.00. Following the completion of the sale, the chief operating officer now directly owns 119,022 shares of the company’s stock, valued at approximately $8,489,839.26. This represents a 0.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP acquired a new stake in shares of Dayforce during the 3rd quarter worth about $51,000. Harvest Fund Management Co. Ltd bought a new position in shares of Dayforce in the fourth quarter valued at approximately $61,000. Federated Hermes Inc. acquired a new position in shares of Dayforce in the 4th quarter worth approximately $72,000. AlphaQuest LLC grew its position in Dayforce by 14,800.0% during the 4th quarter. AlphaQuest LLC now owns 1,043 shares of the company’s stock worth $76,000 after acquiring an additional 1,036 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in Dayforce by 69.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company’s stock valued at $89,000 after purchasing an additional 501 shares in the last quarter.

Dayforce Company Profile

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.