Paymentus (NYSE:PAY) Sees Unusually-High Trading Volume After Analyst Upgrade

Paymentus Holdings, Inc. (NYSE:PAY) saw strong 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 were traded 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.

Other analysts have also issued research reports about the company. Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Wells Fargo & Company boosted their price objective on Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Robert W. Baird raised their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a report 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. Finally, JPMorgan Chase & Co. raised their price objective on shares of Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.80.

Hedge Funds Weigh In On Paymentus

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC grew its stake in shares of Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after purchasing an additional 1,100 shares in the last quarter. MCF Advisors LLC increased its position in shares of Paymentus by 80.1% during the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after purchasing an additional 650 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 1,027 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Paymentus in the 3rd quarter valued at about $43,000. Finally, Arcadia Investment Management Corp MI boosted its position in shares of 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 valued at $45,000 after purchasing an additional 1,381 shares during the period. Hedge funds and other institutional investors own 12.55% of the company’s stock.

Paymentus Trading Up 4.7 %

The stock has a market cap of $4.37 billion, a PE ratio of 108.06 and a beta of 1.41. The business has a 50 day moving average of $23.65 and a 200-day moving average of $21.33.

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.