Paymentus Holdings, Inc. (NYSE:PAY) Short Interest Update

Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) was the target of a significant decline in short interest in May. As of May 31st, there was short interest totalling 654,800 shares, a decline of 43.6% from the May 15th total of 1,160,000 shares. Currently, 2.1% of the company's stock are sold short. Based on an average trading volume of 577,100 shares, the days-to-cover ratio is presently 1.1 days.

Analyst Upgrades and Downgrades

A number of research firms have commented on PAY. JPMorgan Chase & Co. increased their price objective on shares of Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wall Street Zen upgraded shares of Paymentus from a "hold" rating to a "buy" rating in a research note on Saturday. The Goldman Sachs Group lifted their price target on Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Robert W. Baird boosted their price objective on Paymentus from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Finally, Wells Fargo & Company increased their target price on Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy 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 $36.80.

Insider Buying and Selling

In other news, Director William Ingram sold 11,409 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $38.01, for a total transaction of $433,656.09. Following the completion of the sale, the director now owns 73,963 shares of the company's stock, valued at approximately $2,811,333.63. This trade represents a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 87.76% of the company's stock.

Hedge Funds Weigh In On Paymentus

Large investors have recently bought and sold shares of the business. Park Square Financial Group LLC bought a new stake in Paymentus in the 4th quarter valued at about $32,000. TimesSquare Capital Management LLC acquired a new stake in shares of Paymentus in the fourth quarter valued at approximately $35,000. AlphaQuest LLC raised its holdings in shares of Paymentus by 152,600.0% during the first quarter. AlphaQuest LLC now owns 1,527 shares of the business services provider's stock valued at $40,000 after buying an additional 1,526 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Paymentus during the first quarter valued at approximately $47,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Paymentus by 2,763.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,062 shares of the business services provider's stock worth $54,000 after buying an additional 1,990 shares during the period. Institutional investors own 78.38% of the company's stock.

Paymentus Stock Performance

Shares of Paymentus stock traded down $0.77 during trading hours on Wednesday, reaching $32.66. The company's stock had a trading volume of 646,791 shares, compared to its average volume of 393,274. Paymentus has a one year low of $16.94 and a one year high of $40.43. The company's 50 day simple moving average is $34.47 and its 200 day simple moving average is $31.87. The stock has a market cap of $4.09 billion, a P/E ratio of 83.73 and a beta of 1.65.

About Paymentus

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.