Paymentus (NYSE:PAY) Sets New 52-Week High – Here’s Why

Paymentus Holdings, Inc. (NYSE:PAY)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $25.37 and last traded at $25.32, with a volume of 459939 shares. The stock had previously closed at $23.53.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PAY shares. Robert W. Baird boosted their target price on Paymentus from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday. JPMorgan Chase & Co. boosted their price objective on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Baird R W raised Paymentus from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. Finally, Canaccord Genuity Group upgraded shares of Paymentus to a “strong-buy” rating in a report on Monday, July 8th. Seven investment analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.31.

Paymentus Stock Up 8.3 %

The company has a market capitalization of $3.17 billion, a PE ratio of 110.83 and a beta of 1.46. The company has a 50-day moving average price of $21.66 and a two-hundred day moving average price of $20.35.

Paymentus (NYSE:PAY) last posted its earnings results on Thursday, August 8th. The business services provider reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. Paymentus had a return on equity of 9.33% and a net margin of 4.63%. The business had revenue of $197.42 million during the quarter, compared to analyst estimates of $180.57 million. During the same quarter in the previous year, the firm earned $0.06 EPS. The company’s quarterly revenue was up 32.6% compared to the same quarter last year. As a group, equities analysts anticipate that Paymentus Holdings, Inc. will post 0.32 EPS for the current fiscal year.

Institutional Trading of Paymentus

Large investors have recently modified their holdings of the business. MCF Advisors LLC increased its position in shares of Paymentus by 80.1% in 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 during the last quarter. Essex Investment Management Co. LLC grew its stake in Paymentus by 0.6% in the 1st quarter. Essex Investment Management Co. LLC now owns 206,550 shares of the business services provider’s stock worth $4,699,000 after buying an additional 1,141 shares in the last quarter. Arcadia Investment Management Corp MI increased its holdings 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 worth $45,000 after buying an additional 1,381 shares during the last quarter. Millennium Management LLC raised its position in shares of Paymentus by 1.1% during the 2nd quarter. Millennium Management LLC now owns 285,781 shares of the business services provider’s stock valued at $5,430,000 after buying an additional 3,124 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Paymentus by 15.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,441 shares of the business services provider’s stock worth $579,000 after acquiring an additional 3,341 shares during the last quarter. Institutional investors own 12.55% of the company’s stock.

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.