Paymentus (NYSE:PAY) Stock Price Down 6.4% – Here’s Why

Paymentus Holdings, Inc. (NYSE:PAY)’s share price was down 6.4% on Thursday . The company traded as low as $31.16 and last traded at $31.64. Approximately 242,673 shares were traded during trading, a decline of 4% from the average daily volume of 253,803 shares. The stock had previously closed at $33.80.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PAY. StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. Robert W. Baird boosted their target price on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. 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. The Goldman Sachs Group lifted their price target on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Seven analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Paymentus currently has an average rating of “Hold” and a consensus price target of $28.80.

Paymentus Stock Performance

The stock has a market capitalization of $4.17 billion, a P/E ratio of 108.03 and a beta of 1.41. The firm has a 50-day moving average price of $23.65 and a 200 day moving average price of $21.32.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PAY. FMR LLC boosted its stake in shares of Paymentus by 32,191.6% in the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock valued at $4,564,000 after purchasing an additional 227,273 shares in the last quarter. Main Management ETF Advisors LLC purchased a new stake in Paymentus during the third quarter valued at about $839,000. Quadrature Capital Ltd grew its stake in shares of Paymentus by 130.1% during the first quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock valued at $1,575,000 after buying an additional 39,136 shares during the last quarter. GSA Capital Partners LLP increased its holdings in shares of Paymentus by 38.2% in the third quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock worth $2,486,000 after buying an additional 34,307 shares during the period. Finally, Cerity Partners LLC bought a new stake in shares of Paymentus in the 3rd quarter valued at about $629,000. 12.55% of the stock is currently owned by institutional investors.

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.