Short Interest in Paymentus Holdings, Inc. (NYSE:PAY) Rises By 30.2%

Paymentus Holdings, Inc. (NYSE:PAY) was the target of a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 1,130,000 shares, a growth of 30.2% from the February 28th total of 867,700 shares. Currently, 4.4% of the shares of the company are sold short. Based on an average trading volume of 483,500 shares, the days-to-cover ratio is presently 2.3 days.

Insider Buying and Selling at Paymentus

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the transaction, the chief financial officer now owns 466,035 shares of the company’s stock, valued at $14,908,459.65. The trade was a 3.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the 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 completion of the sale, the general counsel now directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. The trade was a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 87.76% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Capital International Investors grew its holdings in shares of Paymentus by 25.6% during the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider’s stock valued at $142,509,000 after purchasing an additional 888,914 shares during the last quarter. Vanguard Group Inc. boosted its position in Paymentus by 17.9% during the fourth quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider’s stock valued at $58,697,000 after buying an additional 273,027 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Paymentus by 23.8% during the fourth quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider’s stock valued at $28,713,000 after buying an additional 169,237 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Paymentus in the fourth quarter worth about $24,568,000. Finally, Invesco Ltd. lifted its stake in shares of Paymentus by 246.2% in the 4th quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock valued at $18,931,000 after acquiring an additional 412,095 shares during the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on PAY. Wells Fargo & Company boosted their price target on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Robert W. Baird reduced their target price on Paymentus from $40.00 to $36.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a report on Wednesday, March 19th. Wedbush reiterated an “outperform” rating and set a $38.00 price target on shares of Paymentus in a research report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Six equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $31.83.

Paymentus Stock Down 0.9 %

Shares of NYSE PAY traded down $0.24 during trading hours on Monday, reaching $26.11. 357,085 shares of the stock traded hands, compared to its average volume of 325,875. The company’s 50-day simple moving average is $29.24 and its two-hundred day simple moving average is $29.09. The company has a market capitalization of $3.26 billion, a P/E ratio of 84.23 and a beta of 1.68. Paymentus has a 52-week low of $16.94 and a 52-week high of $38.94.

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.