Paymentus (NYSE:PAY) Sees Large Volume Increase on Analyst Upgrade

Paymentus Holdings, Inc. (NYSE:PAY) shares saw an uptick in trading volume on Monday after The Goldman Sachs Group raised their price target on the stock from $23.50 to $33.00. The Goldman Sachs Group currently has a neutral rating on the stock. 336,835 shares traded hands during mid-day trading, an increase of 31% from the previous session’s volume of 257,908 shares.The stock last traded at $35.18 and had previously closed at $33.50.

A number of other brokerages have also issued reports on PAY. Wells Fargo & Company upped their target price 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. Robert W. Baird upped their target price 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. StockNews.com upgraded shares of Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Seven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Paymentus has a consensus rating of “Hold” and an average target price of $28.80.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. MCF Advisors LLC raised its holdings in Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after acquiring an additional 650 shares during the period. Advisors Asset Management Inc. raised its holdings in Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after acquiring an additional 1,027 shares during the period. nVerses Capital LLC raised its holdings in Paymentus by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after acquiring an additional 1,100 shares during the period. RiverPark Advisors LLC raised its holdings in Paymentus by 8.8% in the 3rd quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock worth $311,000 after acquiring an additional 1,258 shares during the period. Finally, Arcadia Investment Management Corp MI grew its position in Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after purchasing an additional 1,381 shares during the last quarter. Institutional investors own 12.55% of the company’s stock.

Paymentus Stock Up 5.1 %

The stock’s 50-day moving average price is $23.95 and its 200 day moving average price is $21.43. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 113.61 and a beta of 1.41.

About Paymentus

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.