Dayforce (NYSE:DAY) Sees Large Volume Increase – Time to Buy?

Dayforce, Inc. (NYSE:DAY) shares saw strong trading volume on Tuesday . 6,082,692 shares traded hands during trading, an increase of 70% from the previous session’s volume of 3,581,776 shares.The stock last traded at $69.8070 and had previously closed at $68.92.

Wall Street Analyst Weigh In

DAY has been the subject of several research reports. Zacks Research upgraded Dayforce from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 30th. Weiss Ratings restated a “sell (d)” rating on shares of Dayforce in a report on Monday, December 29th. UBS Group downgraded shares of Dayforce from a “strong-buy” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Dayforce in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $70.36.

Dayforce Price Performance

The stock has a market cap of $11.15 billion, a P/E ratio of -74.13, a price-to-earnings-growth ratio of 2.12 and a beta of 1.18. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. The company’s fifty day simple moving average is $69.22 and its 200-day simple moving average is $66.99.

Insider Activity

In other news, insider Jeffrey Scott Jacobs sold 500 shares of the firm’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $69.36, for a total value of $34,680.00. Following the transaction, the insider directly owned 48,901 shares in the company, valued at $3,391,773.36. This trade represents a 1.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen H. Holdridge sold 2,000 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $68.87, for a total value of $137,740.00. Following the completion of the sale, the chief operating officer directly owned 178,814 shares of the company’s stock, valued at approximately $12,314,920.18. This trade represents a 1.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Dayforce

A number of large investors have recently made changes to their positions in DAY. Pentwater Capital Management LP acquired a new stake in Dayforce during the 3rd quarter worth $378,895,000. EdgePoint Investment Group Inc. raised its position in shares of Dayforce by 17.2% during the second quarter. EdgePoint Investment Group Inc. now owns 16,244,490 shares of the company’s stock worth $899,782,000 after purchasing an additional 2,383,969 shares during the period. Syquant Capital Sas bought a new position in shares of Dayforce during the 4th quarter valued at about $159,465,000. Assenagon Asset Management S.A. grew its position in shares of Dayforce by 200.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,704,564 shares of the company’s stock valued at $117,888,000 after purchasing an additional 1,136,768 shares during the period. Finally, Magnetar Financial LLC bought a new stake in Dayforce during the 3rd quarter worth approximately $52,316,000.

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. The company also provides payroll and payroll-related services; and implementation and professional services.