Paymentus (NYSE:PAY) Sees Large Volume Increase After Analyst Upgrade

Paymentus Holdings, Inc. (NYSE:PAY) shares saw unusually-high trading volume on Monday after The Goldman Sachs Group raised their price target on the stock from $23.50 to $33.00. The Goldman Sachs Group currently has a neutral rating on the stock. Approximately 336,835 shares traded hands during trading, an increase of 31% from the previous session’s volume of 257,908 shares.The stock last traded at $35.18 and had previously closed at $33.50.

A number of other equities analysts have also recently commented on PAY. JPMorgan Chase & Co. increased their target price on Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Robert W. Baird lifted their target price on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company increased their target price on shares of Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Finally, StockNews.com upgraded shares of Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Seven investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $28.80.

Institutional Investors Weigh In On Paymentus

Several hedge funds and other institutional investors have recently bought and sold shares of PAY. Geode Capital Management LLC boosted its holdings in Paymentus by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider’s stock valued at $4,129,000 after purchasing an additional 5,127 shares during the last quarter. Barclays PLC raised its position in shares of Paymentus by 1,569.3% during the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after buying an additional 4,755 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in Paymentus by 96.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 36,538 shares of the business services provider’s stock valued at $731,000 after acquiring an additional 17,969 shares during the last quarter. Main Management ETF Advisors LLC purchased a new position in Paymentus in the third quarter worth approximately $839,000. Finally, XTX Topco Ltd increased its stake in Paymentus by 17.2% during the third quarter. XTX Topco Ltd now owns 20,905 shares of the business services provider’s stock worth $419,000 after acquiring an additional 3,064 shares during the last quarter. 12.55% of the stock is currently owned by institutional investors and hedge funds.

Paymentus Stock Up 4.7 %

The stock has a 50-day simple moving average of $23.65 and a 200 day simple moving average of $21.33. The company has a market cap of $4.37 billion, a PE ratio of 108.06 and a beta of 1.41.

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.