Paymentus (NYSE:PAY) Stock Price Down 4.1% – Here’s What Happened

Shares of Paymentus Holdings, Inc. (NYSE:PAY) traded down 4.1% on Monday . The company traded as low as $33.56 and last traded at $33.56. 78,974 shares traded hands during trading, a decline of 82% from the average session volume of 443,048 shares. The stock had previously closed at $35.00.

Analysts Set New Price Targets

Several brokerages recently commented on PAY. The Goldman Sachs Group increased their price objective on shares of 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 shares of Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Robert W. Baird upped their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. 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.com, Paymentus presently has an average rating of “Hold” and an average price target of $28.80.

Paymentus Price Performance

The firm’s fifty day simple moving average is $33.05 and its 200 day simple moving average is $25.44. The company has a market capitalization of $3.95 billion, a PE ratio of 102.29 and a beta of 1.67.

Insider Buying and Selling

In related news, General Counsel Andrew A. Gerber sold 34,272 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the sale, the general counsel now owns 97,925 shares in the company, valued at approximately $3,658,478. This trade represents a 25.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 87.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Paymentus

Several hedge funds have recently modified their holdings of PAY. JPMorgan Chase & Co. lifted its position in shares of Paymentus by 13.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock valued at $14,207,000 after buying an additional 81,853 shares in the last quarter. Barclays PLC grew its position in shares of Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 4,755 shares during the period. Geode Capital Management LLC grew its position in shares of Paymentus by 2.6% in the third quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider’s stock valued at $4,129,000 after purchasing an additional 5,127 shares during the period. Y Intercept Hong Kong Ltd increased its stake in shares of Paymentus by 96.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 36,538 shares of the business services provider’s stock worth $731,000 after purchasing an additional 17,969 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new position in shares of Paymentus during the 3rd quarter worth about $839,000. 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.