Dayforce (NYSE:DAY) Shares Gap Down – Time to Sell?

Dayforce Inc (NYSE:DAY)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $59.54, but opened at $58.21. Dayforce shares last traded at $58.73, with a volume of 34,844 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on DAY. Citigroup boosted their price target on Dayforce from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Scotiabank decreased their target price on Dayforce from $72.00 to $55.00 and set a “sector perform” rating on the stock in a report on Monday, March 17th. Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Dayforce in a research note on Thursday, May 8th. Wells Fargo & Company reduced their price objective on shares of Dayforce from $70.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 22nd. Finally, TD Cowen raised shares of Dayforce from a “hold” rating to a “buy” rating and increased their price objective for the company from $67.00 to $68.00 in a research report on Friday, March 7th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $71.54.

Dayforce Price Performance

The stock has a market cap of $9.21 billion, a P/E ratio of 523.75, a P/E/G ratio of 2.49 and a beta of 1.17. The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47. The company’s 50 day moving average price is $56.84 and its 200-day moving average price is $66.15.

Insiders Place Their Bets

In other news, EVP Samer Alkharrat sold 1,916 shares of the business’s stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $56.64, for a total value of $108,522.24. Following the transaction, the executive vice president now directly owns 150,237 shares of the company’s stock, valued at $8,509,423.68. The trade was a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP William Everett Mcdonald sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $56.16, for a total value of $112,320.00. Following the sale, the executive vice president now directly owns 105,691 shares of the company’s stock, valued at $5,935,606.56. This represents a 1.86% decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. SCS Capital Management LLC acquired a new position in Dayforce during the 1st quarter worth approximately $1,641,000. Optimize Financial Inc bought a new stake in Dayforce during the 1st quarter valued at $223,000. Woodline Partners LP raised its holdings in Dayforce by 1.3% during the first quarter. Woodline Partners LP now owns 642,858 shares of the company’s stock worth $37,498,000 after buying an additional 8,513 shares during the last quarter. MBB Public Markets I LLC bought a new position in shares of Dayforce in the first quarter valued at $321,000. Finally, United Services Automobile Association acquired a new position in shares of Dayforce during the first quarter valued at about $251,000.

About Dayforce

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.