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

Paymentus Holdings, Inc. (NYSE:PAY) gapped up prior to trading on Friday . The stock had previously closed at $24.45, but opened at $25.42. Paymentus shares last traded at $25.52, with a volume of 84,258 shares trading hands.

Analyst Upgrades and Downgrades

PAY has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on shares of Paymentus from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, December 4th. Wall Street Zen upgraded shares of Paymentus from a “hold” rating to a “buy” rating in a report on Sunday, February 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Paymentus in a research note on Monday, December 29th. Finally, Raymond James Financial raised Paymentus from an “outperform” rating to a “strong-buy” rating and set a $35.00 target price for the company in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Paymentus Trading Up 5.2%

The business has a 50 day moving average of $28.46 and a two-hundred day moving average of $32.06. The firm has a market cap of $3.22 billion, a P/E ratio of 56.01 and a beta of 1.49.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PAY. Royal Bank of Canada lifted its position in shares of Paymentus by 26.8% during the first quarter. Royal Bank of Canada now owns 183,144 shares of the business services provider’s stock worth $4,780,000 after acquiring an additional 38,731 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Paymentus by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider’s stock worth $425,000 after purchasing an additional 683 shares during the period. Millennium Management LLC boosted its stake in Paymentus by 4.2% in the 1st quarter. Millennium Management LLC now owns 243,860 shares of the business services provider’s stock worth $6,365,000 after purchasing an additional 9,890 shares during the period. Goldman Sachs Group Inc. grew its holdings in Paymentus by 275.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider’s stock valued at $14,927,000 after buying an additional 419,736 shares in the last quarter. Finally, AlphaQuest LLC increased its holdings in Paymentus by 399.5% during the 2nd quarter. AlphaQuest LLC now owns 7,627 shares of the business services provider’s stock worth $250,000 after acquiring an additional 6,100 shares during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

About Paymentus

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.