Dayforce Inc (NYSE:DAY) Sees Significant Growth in Short Interest

Dayforce Inc (NYSE:DAY) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 9,690,000 shares, a growth of 9.6% from the March 15th total of 8,840,000 shares. Approximately 6.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,400,000 shares, the short-interest ratio is presently 6.9 days.

Insider Buying and Selling

In related news, COO Christopher R. Armstrong sold 60,000 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $69.14, for a total value of $4,148,400.00. Following the sale, the chief operating officer now directly owns 149,319 shares in the company, valued at approximately $10,323,915.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on DAY shares. Needham & Company LLC reiterated a “buy” rating and issued a $82.00 price objective on shares of Dayforce in a research report on Thursday, February 8th. Piper Sandler boosted their price objective on shares of Dayforce from $73.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. Finally, Barclays reduced their target price on shares of Dayforce from $75.00 to $74.00 and set an “equal weight” rating on the stock in a report on Thursday, February 8th.

Dayforce Price Performance

NYSE:DAY traded down $1.07 on Wednesday, reaching $58.60. The stock had a trading volume of 1,521,531 shares, compared to its average volume of 1,383,463. The stock has a market cap of $9.12 billion, a P/E ratio of 167.43, a price-to-earnings-growth ratio of 2.93 and a beta of 1.30. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50. The stock’s fifty day simple moving average is $67.47. Dayforce has a 12-month low of $55.62 and a 12-month high of $75.53.

Dayforce (NYSE:DAY) last released its earnings results on Wednesday, February 7th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.26. The company had revenue of $399.70 million for the quarter, compared to analyst estimates of $400.14 million. Dayforce had a net margin of 3.62% and a return on equity of 4.47%. As a group, research analysts forecast that Dayforce will post 0.85 earnings per share for the current fiscal year.

About Dayforce

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.