Paymentus (NYSE:PAY) Shares Gap Up – Here’s Why

Paymentus Holdings, Inc. (NYSE:PAY)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $28.61, but opened at $33.67. Paymentus shares last traded at $35.0650, with a volume of 508,350 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently commented on PAY shares. Wolfe Research upgraded Paymentus from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, July 22nd. Wall Street Zen cut Paymentus from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Raymond James Financial set a $38.00 price target on Paymentus and gave the company an “outperform” rating in a report on Tuesday, August 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Paymentus in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Paymentus presently has an average rating of “Hold” and an average price target of $37.00.

Paymentus Stock Performance

The firm has a market cap of $4.39 billion, a PE ratio of 81.55 and a beta of 1.50. The stock has a fifty day moving average price of $32.70 and a 200-day moving average price of $33.37.

Paymentus (NYSE:PAY) last issued its earnings results on Monday, August 4th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Paymentus had a return on equity of 12.63% and a net margin of 5.37%.The business had revenue of $280.08 million during the quarter, compared to analysts’ expectations of $262.78 million. During the same quarter in the previous year, the business earned $0.12 EPS. The company’s revenue for the quarter was up 41.9% on a year-over-year basis. As a group, equities analysts predict that Paymentus Holdings, Inc. will post 0.39 earnings per share for the current fiscal year.

Institutional Trading of Paymentus

A number of institutional investors have recently modified their holdings of PAY. AlphaQuest LLC lifted its position in Paymentus by 152,600.0% during the 1st quarter. AlphaQuest LLC now owns 1,527 shares of the business services provider’s stock worth $40,000 after acquiring an additional 1,526 shares in the last quarter. Summit Securities Group LLC acquired a new position in Paymentus during the 1st quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Paymentus by 2,763.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,062 shares of the business services provider’s stock worth $54,000 after acquiring an additional 1,990 shares in the last quarter. Advisors Asset Management Inc. lifted its position in Paymentus by 23.9% during the 1st quarter. Advisors Asset Management Inc. now owns 3,450 shares of the business services provider’s stock worth $90,000 after acquiring an additional 665 shares in the last quarter. Finally, Cliffwater LLC acquired a new position in Paymentus during the 2nd quarter worth approximately $124,000. Hedge funds and other 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.