Paymentus (NYSE:PAY) Shares Gap Down – Here’s What Happened

Paymentus Holdings, Inc. (NYSE:PAY)’s share price gapped down before the market opened on Monday . The stock had previously closed at $29.66, but opened at $28.76. Paymentus shares last traded at $27.68, with a volume of 83,479 shares changing hands.

Analyst Ratings Changes

PAY has been the subject of several analyst reports. Wells Fargo & Company raised 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. StockNews.com downgraded Paymentus from a “hold” rating to a “sell” rating in a report on Tuesday, March 11th. Robert W. Baird reduced their price target on Paymentus from $40.00 to $36.00 and set an “outperform” rating for the company in a report on Tuesday, March 11th. Wedbush reiterated an “outperform” rating and issued a $38.00 price objective on shares of Paymentus in a report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. reduced their price objective on Paymentus from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $31.83.

Paymentus Stock Performance

The stock has a fifty day moving average of $30.01 and a 200 day moving average of $28.63. The company has a market capitalization of $3.49 billion, a PE ratio of 90.71 and a beta of 1.68.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Paymentus

A number of hedge funds and other institutional investors have recently made changes to their positions in PAY. JPMorgan Chase & Co. boosted its position in Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock valued at $14,207,000 after purchasing an additional 81,853 shares in the last quarter. Cerity Partners LLC acquired a new stake in Paymentus in the third quarter worth about $629,000. PDT Partners LLC boosted its holdings in Paymentus by 39.4% in the third quarter. PDT Partners LLC now owns 48,174 shares of the business services provider’s stock worth $964,000 after acquiring an additional 13,621 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Paymentus by 196.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider’s stock worth $864,000 after acquiring an additional 28,628 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock worth $101,000 after acquiring an additional 4,755 shares in the last quarter. Institutional investors own 78.38% of the company’s stock.

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.