Dayforce (NYSE:DAY) Stock Price Down 5.2% - What's Next?

Dayforce, Inc. (NYSE:DAY - Get Free Report)'s share price was down 5.2% during mid-day trading on Wednesday . The stock traded as low as $55.83 and last traded at $54.77. Approximately 331,810 shares changed hands during trading, a decline of 81% from the average daily volume of 1,764,251 shares. The stock had previously closed at $57.75.

Analyst Ratings Changes

DAY has been the subject of several recent research reports. Wells Fargo & Company downgraded Dayforce from an "equal weight" rating to an "underweight" rating and dropped their price target for the stock from $60.00 to $50.00 in a research report on Friday, June 13th. Mizuho cut their target price on shares of Dayforce from $95.00 to $80.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. UBS Group raised their price target on shares of Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th. TD Cowen raised shares of Dayforce from a "hold" rating to a "buy" rating and boosted their price objective for the company from $67.00 to $68.00 in a research report on Friday, March 7th. Finally, KeyCorp decreased their target price on shares of Dayforce from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, Dayforce has an average rating of "Moderate Buy" and an average price target of $70.86.

Dayforce Price Performance

The stock has a market cap of $8.82 billion, a PE ratio of 344.52, a price-to-earnings-growth ratio of 2.24 and a beta of 1.12. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.24. The company's fifty day moving average is $57.74 and its 200 day moving average is $62.67.

Insider Buying and Selling at Dayforce

In other Dayforce news, EVP Samer Alkharrat sold 1,916 shares of the company's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $56.64, for a total value of $108,522.24. Following the completion of the transaction, the executive vice president now directly owns 150,237 shares of the company's stock, valued at $8,509,423.68. This represents a 1.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP William Everett Mcdonald sold 2,000 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $56.16, for a total value of $112,320.00. Following the completion of the transaction, the executive vice president now directly owns 105,691 shares of the company's stock, valued at $5,935,606.56. This represents a 1.86% decrease in their position. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Dayforce

Several institutional investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC bought a new stake in Dayforce in the first quarter valued at about $30,000. National Pension Service grew its position in shares of Dayforce by 74.5% in the 1st quarter. National Pension Service now owns 541 shares of the company's stock worth $32,000 after acquiring an additional 231 shares in the last quarter. Mather Group LLC. increased its holdings in shares of Dayforce by 196.9% in the 1st quarter. Mather Group LLC. now owns 962 shares of the company's stock valued at $56,000 after acquiring an additional 638 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Dayforce during the 4th quarter valued at approximately $61,000. Finally, Federated Hermes Inc. acquired a new stake in shares of Dayforce during the 4th quarter valued at approximately $72,000.

About Dayforce

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.

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