Paysign (NASDAQ:PAYS) Stock Price Down 3% - Here's Why

Paysign, Inc. (NASDAQ:PAYS - Get Free Report) shares dropped 3% during mid-day trading on Tuesday . The company traded as low as $7.97 and last traded at $8.01. Approximately 1,006,220 shares traded hands during mid-day trading, an increase of 247% from the average daily volume of 289,839 shares. The stock had previously closed at $8.26.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PAYS. Barrington Research reissued an "outperform" rating and issued a $7.00 price target on shares of Paysign in a report on Wednesday, March 26th. LADENBURG THALM/SH SH raised their price objective on Paysign from $7.25 to $8.25 and gave the stock a "buy" rating in a research report on Friday, May 9th. DA Davidson set a $8.00 price objective on Paysign in a research report on Friday, June 13th. Finally, Lake Street Capital raised their target price on Paysign from $7.00 to $9.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th.

Paysign Stock Up 0.6%

The stock has a market cap of $426.01 million, a P/E ratio of 71.43 and a beta of 0.75. The stock has a fifty day simple moving average of $4.94 and a 200-day simple moving average of $3.39.

Paysign (NASDAQ:PAYS - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. The firm had revenue of $18.60 million during the quarter, compared to the consensus estimate of $17.49 million. Paysign had a return on equity of 19.49% and a net margin of 9.55%. Sell-side analysts anticipate that Paysign, Inc. will post 0.21 earnings per share for the current year.

Insider Activity at Paysign

In related news, CEO Mark Newcomer sold 168,000 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $4.51, for a total transaction of $757,680.00. Following the transaction, the chief executive officer directly owned 8,768,886 shares in the company, valued at approximately $39,547,675.86. The trade was a 1.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel R. Henry purchased 19,800 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was purchased at an average price of $3.42 per share, with a total value of $67,716.00. Following the purchase, the director owned 99,800 shares of the company's stock, valued at approximately $341,316. The trade was a 24.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 274,000 shares of company stock worth $1,277,877 in the last ninety days. Insiders own 22.40% of the company's stock.

Institutional Trading of Paysign

Several institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers increased its holdings in shares of Paysign by 5.2% during the 1st quarter. Rhumbline Advisers now owns 46,587 shares of the company's stock worth $99,000 after acquiring an additional 2,303 shares during the last quarter. Barclays PLC boosted its position in Paysign by 10.8% during the fourth quarter. Barclays PLC now owns 52,178 shares of the company's stock worth $157,000 after purchasing an additional 5,088 shares during the period. Royce & Associates LP boosted its position in Paysign by 36.5% during the first quarter. Royce & Associates LP now owns 19,319 shares of the company's stock worth $41,000 after purchasing an additional 5,166 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Paysign by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 15,385 shares of the company's stock valued at $46,000 after purchasing an additional 5,243 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of Paysign by 20.9% in the fourth quarter. Bank of America Corp DE now owns 47,675 shares of the company's stock valued at $144,000 after purchasing an additional 8,235 shares during the period. Institutional investors own 25.89% of the company's stock.

About Paysign

Paysign, Inc provides prepaid card programs, comprehensive patient affordability offerings, digital banking services, and integrated payment processing services for businesses, consumers, and government institutions. Its product offerings include solutions for corporate rewards, prepaid gift cards, general purpose reloadable debit cards, employee incentives, consumer rebates, donor compensation, clinical trials, healthcare reimbursement payments and pharmaceutical payment assistance, and demand deposit accounts accessible with a debit card.