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

Paymentus Holdings, Inc. (NYSE:PAY) shares 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 trading hands.

Analysts Set New Price Targets

PAY has been the topic of a number of recent analyst reports. Wolfe Research raised Paymentus from a “peer perform” rating to an “outperform” rating in a 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 target price on Paymentus and gave the stock an “outperform” rating in a report on Tuesday, August 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Paymentus in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $37.00.

Paymentus Stock Up 1.8%

The stock has a market cap of $4.52 billion, a price-to-earnings ratio of 78.51 and a beta of 1.50. The company’s 50-day simple moving average is $32.60 and its 200-day simple moving average is $33.43.

Paymentus (NYSE:PAY) last posted its quarterly earnings results on Monday, August 4th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.01. The firm had revenue of $280.08 million for the quarter, compared to analyst estimates of $262.78 million. Paymentus had a net margin of 5.29% and a return on equity of 12.91%. The firm’s quarterly revenue was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 earnings per share. As a group, analysts expect that Paymentus Holdings, Inc. will post 0.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Paymentus

Several institutional investors and hedge funds have recently added to or reduced their stakes in PAY. Plato Investment Management Ltd bought a new stake in shares of Paymentus in the 3rd quarter valued at approximately $33,000. AlphaQuest LLC lifted its stake in Paymentus by 152,600.0% in the first quarter. AlphaQuest LLC now owns 1,527 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 1,526 shares during the last quarter. Summit Securities Group LLC bought a new stake in Paymentus in the first quarter worth approximately $47,000. Advisors Asset Management Inc. increased its stake in shares of 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 purchasing an additional 665 shares during the last quarter. Finally, Cliffwater LLC acquired a new position in shares of Paymentus during the 2nd quarter worth $124,000. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

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.