Paymentus (NYSE:PAY) Trading Up 7.8% - Here's What Happened

Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report)'s share price shot up 7.8% during trading on Monday . The stock traded as high as $30.29 and last traded at $30.62. 268,797 shares changed hands during trading, a decline of 36% from the average session volume of 423,048 shares. The stock had previously closed at $28.40.

Analysts Set New Price Targets

Several analysts have commented on PAY shares. The Goldman Sachs Group raised their price objective on Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wedbush set a $40.00 target price on Paymentus and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Wall Street Zen upgraded Paymentus from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Robert W. Baird lifted their price objective on Paymentus from $36.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Finally, JPMorgan Chase & Co. lifted their price objective on Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Paymentus presently has a consensus rating of "Hold" and a consensus price target of $36.80.

Paymentus Stock Performance

The company has a 50-day moving average price of $35.06 and a 200-day moving average price of $31.48. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of 78.46 and a beta of 1.56.

Insider Activity

In related news, Director William Ingram sold 11,409 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $38.01, for a total value of $433,656.09. Following the completion of the sale, the director directly owned 73,963 shares of the company's stock, valued at $2,811,333.63. This represents a 13.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 87.76% of the stock is currently owned by company insiders.

Institutional Trading of Paymentus

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Paymentus by 3.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,612 shares of the business services provider's stock valued at $510,000 after purchasing an additional 484 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Paymentus by 23.9% in the 1st quarter. Advisors Asset Management Inc. now owns 3,450 shares of the business services provider's stock valued at $90,000 after purchasing an additional 665 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Paymentus by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 8,202 shares of the business services provider's stock valued at $214,000 after purchasing an additional 823 shares in the last quarter. Cetera Investment Advisers increased its stake in Paymentus by 7.1% in the 4th quarter. Cetera Investment Advisers now owns 13,296 shares of the business services provider's stock valued at $434,000 after purchasing an additional 883 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new position in Paymentus in the 4th quarter valued at approximately $32,000. 78.38% of the stock is 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.

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