Corpay, Inc. (NYSE:CPAY) Short Interest Down 16.2% in March

Corpay, Inc. (NYSE:CPAY) was the recipient of a significant decline in short interest in the month of March. As of March 15th, there was short interest totalling 1,710,000 shares, a decline of 16.2% from the February 28th total of 2,040,000 shares. Based on an average trading volume of 474,000 shares, the short-interest ratio is presently 3.6 days. Currently, 2.5% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

CPAY has been the subject of a number of recent analyst reports. Raymond James decreased their price target on Corpay from $434.00 to $417.00 and set an “outperform” rating for the company in a research report on Thursday, February 6th. Citigroup began coverage on shares of Corpay in a research report on Tuesday, January 14th. They issued a “buy” rating and a $430.00 target price on the stock. Royal Bank of Canada upped their price target on shares of Corpay from $354.00 to $400.00 and gave the company a “sector perform” rating in a research report on Thursday, February 6th. Wolfe Research upgraded shares of Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 price objective on the stock in a research report on Wednesday, January 8th. Finally, Morgan Stanley increased their target price on Corpay from $350.00 to $380.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Corpay currently has an average rating of “Moderate Buy” and an average price target of $399.71.

Corpay Stock Performance

Shares of NYSE CPAY traded up $3.15 during trading hours on Tuesday, hitting $351.87. 498,200 shares of the stock were exchanged, compared to its average volume of 475,034. The company’s 50 day moving average is $363.31 and its 200 day moving average is $352.48. Corpay has a one year low of $247.10 and a one year high of $400.81. The firm has a market capitalization of $24.72 billion, a P/E ratio of 25.17, a P/E/G ratio of 1.32 and a beta of 1.25. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.00 and a quick ratio of 1.05.

Corpay (NYSE:CPAY) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $4.96 earnings per share for the quarter, missing analysts’ consensus estimates of $5.37 by ($0.41). Corpay had a net margin of 25.25% and a return on equity of 41.46%. On average, research analysts expect that Corpay will post 19.76 EPS for the current year.

Insider Buying and Selling

In other news, Director Richard Macchia sold 2,427 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $375.23, for a total transaction of $910,683.21. Following the completion of the sale, the director now owns 12,215 shares in the company, valued at approximately $4,583,434.45. This represents a 16.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.10% of the stock is owned by corporate insiders.

Institutional Trading of Corpay

A number of institutional investors and hedge funds have recently modified their holdings of the company. Avion Wealth boosted its stake in Corpay by 1,011.1% during the fourth quarter. Avion Wealth now owns 100 shares of the company’s stock worth $33,000 after buying an additional 91 shares in the last quarter. Colonial Trust Co SC lifted its holdings in shares of Corpay by 120.5% during the 4th quarter. Colonial Trust Co SC now owns 97 shares of the company’s stock worth $33,000 after acquiring an additional 53 shares during the period. Versant Capital Management Inc boosted its position in shares of Corpay by 130.4% during the 4th quarter. Versant Capital Management Inc now owns 106 shares of the company’s stock valued at $36,000 after acquiring an additional 60 shares in the last quarter. Quarry LP bought a new stake in Corpay in the third quarter valued at about $42,000. Finally, Spire Wealth Management bought a new stake in Corpay in the fourth quarter valued at about $42,000. 98.84% of the stock is currently owned by institutional investors.

About Corpay

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.