Paymentus (NYSE:PAY) Trading Down 8.2% After Insider Selling

Paymentus Holdings, Inc. (NYSE:PAY)’s stock price was down 8.2% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $29.69 and last traded at $29.91. Approximately 195,974 shares changed hands during trading, a decline of 48% from the average daily volume of 378,924 shares. The stock had previously closed at $32.57.

Specifically, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the transaction, the general counsel now directly owns 94,855 shares of the company’s stock, valued at $3,033,462.90. The trade was a 3.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the transaction, the chief financial officer now directly owns 466,035 shares in the company, valued at approximately $14,908,459.65. The trade was a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PAY shares. Canaccord Genuity Group cut Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Wedbush started coverage on Paymentus in a research report on Monday, February 3rd. They set an “outperform” rating on the stock. The Goldman Sachs Group lifted their price objective on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Wells Fargo & Company lifted their price objective on Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Robert W. Baird boosted their price target on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Seven analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $30.00.

Paymentus Stock Performance

The stock has a fifty day moving average of $32.03 and a 200 day moving average of $27.92. The company has a market capitalization of $3.64 billion, a PE ratio of 94.28 and a beta of 1.66.

Institutional Trading of Paymentus

Several hedge funds have recently modified their holdings of PAY. SG Americas Securities LLC purchased a new stake in shares of Paymentus during the 3rd quarter worth approximately $132,000. nVerses Capital LLC increased its position 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 during the last quarter. Better Money Decisions LLC bought a new position in shares of Paymentus during the 3rd quarter valued at approximately $205,000. Versor Investments LP bought a new position in shares of Paymentus during the 3rd quarter valued at approximately $331,000. Finally, GSA Capital Partners LLP increased its position in shares of Paymentus by 38.2% during the 3rd quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock valued at $2,486,000 after purchasing an additional 34,307 shares during the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

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.