Paymentus (NYSE:PAY) Shares Down 9.3% – Here’s What Happened

Paymentus Holdings, Inc. (NYSE:PAY) fell 9.3% during mid-day trading on Tuesday. The company traded as low as $30.24 and last traded at $31.7790. 125,761 shares changed hands during trading, a decline of 86% from the average session volume of 903,095 shares. The stock had previously closed at $35.05.

Analyst Ratings Changes

PAY has been the subject of several analyst reports. Weiss Ratings cut Paymentus from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. Seaport Research Partners began coverage on shares of Paymentus in a research report on Thursday, September 17th. They issued a “buy” rating and a $42.00 price objective on the stock. Wall Street Zen cut shares of Paymentus from a “buy” rating to a “hold” rating in a research note on Saturday, October 24th. Yorkville Ives began coverage on shares of Paymentus in a research note on Tuesday, October 6th. They issued an “outperform” rating and a $40.00 price objective on the stock. Finally, Wolfe Research downgraded shares of Paymentus from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Paymentus has an average rating of “Moderate Buy” and an average target price of $38.86.

Paymentus Stock Performance

The stock’s fifty day moving average price is $33.34 and its 200-day moving average price is $28.86. The firm has a market cap of $4.21 billion, a PE ratio of 45.83 and a beta of 1.35.

Paymentus (NYSE:PAY) last issued its earnings results on Monday, November 2nd. The business services provider reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. Paymentus had a net margin of 6.65% and a return on equity of 16.54%. The company had revenue of $372.18 million during the quarter, compared to analysts’ expectations of $358.87 million. During the same period last year, the company posted $0.20 earnings per share. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. Sell-side analysts forecast that Paymentus Holdings, Inc. will post 0.77 earnings per share for the current fiscal year.

Institutional Trading of Paymentus

Several large investors have recently bought and sold shares of the company. Signaturefd LLC grew its position in shares of Paymentus by 50.8% in the third quarter. Signaturefd LLC now owns 1,624 shares of the business services provider’s stock valued at $50,000 after purchasing an additional 547 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Paymentus by 71.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,435 shares of the business services provider’s stock worth $44,000 after purchasing an additional 600 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Paymentus by 7.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 9,943 shares of the business services provider’s stock worth $253,000 after purchasing an additional 665 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Paymentus by 3.5% in the 1st quarter. Bank of New York Mellon Corp now owns 43,292 shares of the business services provider’s stock valued at $1,100,000 after buying an additional 1,468 shares in the last quarter. Finally, KBC Group NV purchased a new stake in Paymentus in the 1st quarter valued at approximately $41,000. Institutional investors and hedge funds own 78.38% of the company’s stock.

About Paymentus

Paymentus Holdings, Inc is a technology company that provides cloud-based bill payment and electronic billing solutions. Its platform enables organizations to present bills, collect payments and communicate with customers through digital channels, including web and mobile applications, text messaging, interactive voice response, payment kiosks and customer service representatives.

The company primarily serves billers in industries such as utilities, financial services, government, telecommunications, insurance and other recurring-payment sectors.