Paymentus (NYSE:PAY) Hits New 1-Year High – Here’s Why

Paymentus Holdings, Inc. (NYSE:PAY)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $37.50 and last traded at $37.50, with a volume of 1066 shares trading hands. The stock had previously closed at $36.44.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PAY. JPMorgan Chase & Co. upped their target price on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Canaccord Genuity Group cut Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Robert W. Baird raised their price objective on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company boosted their target price on Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group increased their target price on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Paymentus has an average rating of “Hold” and an average target price of $28.80.

Paymentus Price Performance

The company has a fifty day moving average price of $25.49 and a two-hundred day moving average price of $22.01. The company has a market capitalization of $4.75 billion, a P/E ratio of 122.87 and a beta of 1.41.

Hedge Funds Weigh In On Paymentus

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC lifted its holdings in shares of Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after purchasing an additional 1,100 shares during the period. MCF Advisors LLC lifted its holdings in Paymentus by 80.1% during the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after buying an additional 650 shares during the period. Advisors Asset Management Inc. raised its position in shares of Paymentus by 155.1% during the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after acquiring an additional 1,027 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Paymentus in the 3rd quarter worth approximately $43,000. Finally, Arcadia Investment Management Corp MI boosted its stake in shares of Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 1,381 shares during the last quarter. 12.55% of the stock is currently owned by institutional investors and hedge funds.

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.