Paymentus (NYSE:PAY) Shares Down 6.4% – What’s Next?

Paymentus Holdings, Inc. (NYSE:PAY)’s stock price was down 6.4% during trading on Thursday . The stock traded as low as $31.16 and last traded at $31.64. Approximately 242,673 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 253,803 shares. The stock had previously closed at $33.80.

Wall Street Analysts Forecast Growth

PAY has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Robert W. Baird upped their price objective on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Wells Fargo & Company boosted their price target on shares of Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, The Goldman Sachs Group raised their price objective on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a report on Friday. Seven equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $28.80.

Paymentus Stock Performance

The firm has a market capitalization of $4.17 billion, a P/E ratio of 108.03 and a beta of 1.41. The stock has a 50 day moving average of $23.65 and a 200-day moving average of $21.32.

Institutional Trading of Paymentus

Several hedge funds and other institutional investors have recently modified their holdings of PAY. nVerses Capital LLC grew its stake in Paymentus by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after buying an additional 1,100 shares in the last quarter. MCF Advisors LLC grew its position in shares of Paymentus by 80.1% in the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 650 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of 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 purchasing an additional 1,027 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Paymentus during the 3rd quarter worth about $43,000. Finally, Arcadia Investment Management Corp MI lifted its holdings in Paymentus by 141.1% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after purchasing an additional 1,381 shares in the last quarter. Institutional investors own 12.55% of the company’s stock.

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.