Dayforce Inc (NYSE:DAY) Short Interest Update

Dayforce Inc (NYSE:DAY) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 6,900,000 shares, a drop of 19.6% from the February 13th total of 8,580,000 shares. Currently, 4.5% of the shares of the company are sold short. Based on an average trading volume of 1,700,000 shares, the days-to-cover ratio is presently 4.1 days.

Dayforce Stock Up 2.8 %

NYSE:DAY opened at $56.92 on Tuesday. The firm’s 50 day simple moving average is $65.36 and its 200 day simple moving average is $67.81. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.13 and a quick ratio of 1.15. Dayforce has a one year low of $47.08 and a one year high of $82.69. The company has a market cap of $9.05 billion, a PE ratio of 517.54, a P/E/G ratio of 2.49 and a beta of 1.33.

Dayforce (NYSE:DAY) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.09). Dayforce had a return on equity of 6.49% and a net margin of 1.03%. On average, research analysts anticipate that Dayforce will post 1.48 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on DAY. Needham & Company LLC reissued a “buy” rating and issued a $95.00 target price on shares of Dayforce in a report on Thursday, February 6th. Cowen raised shares of Dayforce from a “hold” rating to a “buy” rating in a report on Friday, March 7th. Scotiabank decreased their price target on shares of Dayforce from $72.00 to $55.00 and set a “sector perform” rating on the stock in a report on Monday. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price target (down from $94.00) on shares of Dayforce in a report on Wednesday, February 5th. Finally, Barclays decreased their price target on shares of Dayforce from $80.00 to $69.00 and set an “equal weight” rating on the stock in a report on Thursday, February 6th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.86.

Insider Buying and Selling

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $71.33, for a total value of $71,330.00. Following the transaction, the chief operating officer now directly owns 119,022 shares of the company’s stock, valued at $8,489,839.26. This trade represents a 0.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of DAY. Principal Financial Group Inc. acquired a new position in shares of Dayforce in the 3rd quarter worth approximately $11,135,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Dayforce in the 3rd quarter worth approximately $19,273,000. KBC Group NV acquired a new position in shares of Dayforce in the 3rd quarter worth approximately $946,000. CIBC Asset Management Inc acquired a new position in shares of Dayforce during the 3rd quarter valued at $1,434,000. Finally, Empirical Finance LLC acquired a new position in shares of Dayforce during the 3rd quarter valued at $236,000.

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.