Paymentus (NYSE:PAY) Shares Gap Down – Time to Sell?

Paymentus Holdings, Inc. (NYSE:PAY)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $29.66, but opened at $28.76. Paymentus shares last traded at $27.68, with a volume of 83,479 shares traded.

Analyst Upgrades and Downgrades

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

Paymentus Price Performance

The stock has a market capitalization of $3.37 billion, a PE ratio of 87.29 and a beta of 1.68. The company has a 50 day moving average price of $29.82 and a 200-day moving average price of $28.70.

Insider Activity

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of the business’s stock in a transaction that occurred on 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 approximately $3,033,462.90. The trade was a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of the business’s stock in a transaction that occurred on 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 $14,908,459.65. This trade represents a 3.28 % 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 Investors Weigh In On Paymentus

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAY. Park Square Financial Group LLC purchased a new stake in Paymentus in the fourth quarter worth $32,000. TimesSquare Capital Management LLC purchased a new stake in Paymentus in the fourth quarter worth $35,000. R Squared Ltd purchased a new stake in Paymentus in the fourth quarter worth $43,000. Advisors Asset Management Inc. grew its stake in Paymentus by 155.1% in the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after purchasing an additional 1,027 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Paymentus in the third quarter worth $43,000. 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.