Paymentus (NYSE:PAY) Shares Cross Above 200 Day Moving Average of $17.98

Shares of Paymentus Holdings, Inc. (NYSE:PAY) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.98 and traded as high as $22.22. Paymentus shares last traded at $22.20, with a volume of 528,259 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PAY. TheStreet lowered shares of Paymentus from a “c-” rating to a “d+” rating in a report on Thursday, February 15th. Wells Fargo & Company began coverage on Paymentus in a report on Wednesday, January 17th. They set an “equal weight” rating and a $17.00 target price for the company. Raymond James cut Paymentus from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 14th. JPMorgan Chase & Co. increased their price objective on Paymentus from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, March 6th. Finally, Robert W. Baird boosted their price target on Paymentus from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Paymentus currently has an average rating of “Hold” and an average target price of $17.81.

Paymentus Stock Performance

The stock has a market capitalization of $2.75 billion, a P/E ratio of 123.33 and a beta of 1.54. The business has a 50-day moving average price of $20.73 and a 200 day moving average price of $17.98.

Paymentus (NYSE:PAY) last released its earnings results on Monday, March 4th. The business services provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.06 by $0.03. Paymentus had a return on equity of 7.42% and a net margin of 3.63%. The business had revenue of $164.80 million for the quarter, compared to the consensus estimate of $157.38 million. During the same period in the previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was up 24.7% compared to the same quarter last year. As a group, research analysts forecast that Paymentus Holdings, Inc. will post 0.35 earnings per share for the current fiscal year.

Institutional Trading of Paymentus

Several institutional investors have recently added to or reduced their stakes in PAY. Deutsche Bank AG purchased a new stake in shares of Paymentus during the third quarter valued at $11,806,000. Lord Abbett & CO. LLC bought a new position in shares of Paymentus in the 3rd quarter worth approximately $8,026,000. Hillsdale Investment Management Inc. grew its position in Paymentus by 53,916.7% during the fourth quarter. Hillsdale Investment Management Inc. now owns 194,460 shares of the business services provider’s stock valued at $3,475,000 after buying an additional 194,100 shares during the period. CenterBook Partners LP purchased a new stake in shares of Paymentus in the 4th quarter worth $1,465,000. Finally, Wakefield Asset Management LLLP purchased a new stake in Paymentus in the 4th quarter worth approximately $875,000. 12.55% of the stock is currently owned by hedge funds and other institutional investors.

About Paymentus

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.