Paymentus (NYSE:PAY) Shares Gap Up – Still a Buy?

Paymentus Holdings, Inc. (NYSE:PAY)’s share price gapped up before the market opened on Friday . The stock had previously closed at $24.45, but opened at $25.42. Paymentus shares last traded at $25.52, with a volume of 84,258 shares trading hands.

Analyst Upgrades and Downgrades

PAY has been the subject of a number of research reports. Wall Street Zen raised Paymentus from a “hold” rating to a “buy” rating in a report on Sunday, February 8th. JPMorgan Chase & Co. increased their price target on shares of Paymentus from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, December 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Paymentus in a research report on Monday, December 29th. Finally, Raymond James Financial upgraded Paymentus from an “outperform” rating to a “strong-buy” rating and set a $35.00 price objective for the company in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Paymentus presently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Paymentus Price Performance

The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 56.01 and a beta of 1.49. The firm’s fifty day moving average is $28.46 and its two-hundred day moving average is $32.06.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PAY. Royal Bank of Canada lifted its holdings in shares of Paymentus by 26.8% in the 1st quarter. Royal Bank of Canada now owns 183,144 shares of the business services provider’s stock worth $4,780,000 after purchasing an additional 38,731 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Paymentus by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider’s stock worth $425,000 after acquiring an additional 683 shares in the last quarter. Millennium Management LLC boosted its stake in Paymentus by 4.2% during the 1st quarter. Millennium Management LLC now owns 243,860 shares of the business services provider’s stock valued at $6,365,000 after purchasing an additional 9,890 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Paymentus by 275.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider’s stock worth $14,927,000 after purchasing an additional 419,736 shares in the last quarter. Finally, AlphaQuest LLC raised its stake in shares of Paymentus by 399.5% in the second quarter. AlphaQuest LLC now owns 7,627 shares of the business services provider’s stock worth $250,000 after purchasing an additional 6,100 shares during the last quarter. Institutional investors and hedge funds own 78.38% of the company’s stock.

Paymentus Company Profile

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.