Trexquant Investment LP Takes $1.45 Million Position in Dayforce, Inc. $DAY

Key Points

• Trexquant Investment LP has acquired a new position in Dayforce, Inc., purchasing 24,888 shares valued at approximately $1.45 million.
• Several hedge funds have also increased their stakes in Dayforce, with National Pension Service raising its holdings by 74.5% in the first quarter.
• Analyst ratings for Dayforce are mixed, with recent changes including a downgrade from KeyCorp and an upgrade to a "strong-buy" by Piper Sandler.

Trexquant Investment LP purchased a new stake in Dayforce, Inc. (NYSE:DAY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 24,888 shares of the company's stock, valued at approximately $1,452,000.

A number of other large investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Dayforce by 9.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,620,415 shares of the company's stock valued at $969,470,000 after purchasing an additional 1,387,943 shares during the period. Invesco Ltd. raised its stake in Dayforce by 36.0% in the first quarter. Invesco Ltd. now owns 3,583,632 shares of the company's stock worth $209,033,000 after buying an additional 948,436 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Dayforce by 4.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,460,591 shares of the company's stock worth $85,196,000 after buying an additional 60,963 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Dayforce by 23.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,207,045 shares of the company's stock worth $87,680,000 after buying an additional 226,353 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its stake in Dayforce by 27.7% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 960,484 shares of the company's stock worth $56,025,000 after buying an additional 208,078 shares in the last quarter.

Insiders Place Their Bets

In other Dayforce news, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $110,020.00. Following the sale, the chief operating officer directly owned 190,811 shares of the company's stock, valued at approximately $10,496,513.11. This trade represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William Everett Mcdonald sold 2,059 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $113,265.59. Following the sale, the executive vice president directly owned 103,684 shares in the company, valued at $5,703,656.84. This represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,382 shares of company stock valued at $539,860. Company insiders own 4.50% of the company's stock.

Dayforce Stock Performance

DAY traded up $0.20 during midday trading on Thursday, hitting $69.09. 1,885,886 shares of the company were exchanged, compared to its average volume of 3,403,739. The company's 50 day simple moving average is $60.93 and its 200 day simple moving average is $58.47. The firm has a market capitalization of $11.03 billion, a price-to-earnings ratio of 230.29, a price-to-earnings-growth ratio of 2.54 and a beta of 1.14. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. Dayforce, Inc. has a 1-year low of $48.01 and a 1-year high of $82.69.

Dayforce (NYSE:DAY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.09. The company had revenue of $464.70 million for the quarter, compared to the consensus estimate of $457.83 million. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.The firm's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned $0.48 EPS. As a group, sell-side analysts predict that Dayforce, Inc. will post 1.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on DAY shares. BMO Capital Markets reissued a "market perform" rating and issued a $70.00 price objective (up previously from $67.00) on shares of Dayforce in a research note on Friday, August 22nd. Needham & Company LLC downgraded shares of Dayforce from a "buy" rating to a "hold" rating and set a $95.00 price objective for the company. in a research note on Friday, August 22nd. UBS Group boosted their price objective 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. Piper Sandler raised shares of Dayforce to a "strong-buy" rating in a research note on Tuesday, August 19th. Finally, Wells Fargo & Company raised shares of Dayforce from a "strong sell" rating to an "equal weight" rating and boosted their price objective for the stock from $50.00 to $70.00 in a research note on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Dayforce has an average rating of "Hold" and a consensus price target of $71.43.

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.