Paymentus (NYSE:PAY) Sets New 52-Week High – Time to Buy?

Paymentus Holdings, Inc. (NYSE:PAY) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $37.50 and last traded at $37.50, with a volume of 1066 shares traded. The stock had previously closed at $36.44.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PAY shares. Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. The Goldman Sachs Group raised their price target on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Robert W. Baird raised their price target on shares of Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company raised their price target on shares of Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Finally, StockNews.com upgraded shares of Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. Seven research 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 company. Based on data from MarketBeat, Paymentus has a consensus rating of “Hold” and a consensus target price of $28.80.

Paymentus Stock Performance

The business’s 50 day moving average is $25.17 and its 200 day moving average is $21.88. The stock has a market cap of $4.65 billion, a price-to-earnings ratio of 117.55 and a beta of 1.41.

Institutional Investors Weigh In On Paymentus

A number of institutional investors have recently modified their holdings of PAY. nVerses Capital LLC raised its holdings in shares of Paymentus by 550.0% during the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 1,100 shares in the last quarter. MCF Advisors LLC raised its holdings in shares of Paymentus by 80.1% during the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 650 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Paymentus by 155.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 1,027 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Paymentus during the 3rd quarter valued at $43,000. Finally, Arcadia Investment Management Corp MI raised its holdings in shares of Paymentus by 141.1% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 1,381 shares in the last quarter. Institutional investors and hedge funds own 12.55% of the company’s stock.

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.