Dayforce (NYSE:DAY) Sees Large Volume Increase – Here’s Why

Dayforce, Inc. (NYSE:DAY) saw an uptick in trading volume on Thursday . 5,071,723 shares changed hands during trading, an increase of 125% from the previous session’s volume of 2,254,959 shares.The stock last traded at $69.1250 and had previously closed at $69.10.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DAY. Piper Sandler upgraded shares of Dayforce to a “strong-buy” rating in a research note on Tuesday, August 19th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $70.00 price target (down previously from $72.00) on shares of Dayforce in a report on Friday, September 19th. UBS Group downgraded Dayforce from a “strong-buy” rating to a “hold” rating in a research note on Saturday, November 15th. Mizuho set a $70.00 target price on Dayforce in a research report on Friday, August 22nd. Finally, Barclays upped their price target on Dayforce from $61.00 to $70.00 and gave the company an “equal weight” rating in a research report on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $70.36.

Dayforce Stock Down 0.1%

The stock has a fifty day simple moving average of $68.73 and a two-hundred day simple moving average of $63.51. The firm has a market cap of $11.05 billion, a PE ratio of -73.46, a price-to-earnings-growth ratio of 2.67 and a beta of 1.20. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23.

Dayforce (NYSE:DAY) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.19). The firm had revenue of $481.60 million during the quarter, compared to the consensus estimate of $481.22 million. Dayforce had a negative net margin of 7.91% and a positive return on equity of 6.54%. Dayforce’s revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 earnings per share. As a group, sell-side analysts expect that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Insider Activity

In related news, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction on Monday, September 15th. The stock was sold at an average price of $68.95, for a total transaction of $137,900.00. Following the completion of the sale, the chief operating officer owned 186,811 shares of the company’s stock, valued at approximately $12,880,618.45. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Samer Alkharrat sold 3,233 shares of the company’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $68.55, for a total value of $221,622.15. Following the completion of the transaction, the executive vice president owned 117,934 shares in the company, valued at $8,084,375.70. This represents a 2.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 76,179 shares of company stock worth $5,219,460 in the last three months. Corporate insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Dayforce

A number of large investors have recently modified their holdings of DAY. LPL Financial LLC grew its position in Dayforce by 83.5% during the first quarter. LPL Financial LLC now owns 60,716 shares of the company’s stock valued at $3,542,000 after acquiring an additional 27,637 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Dayforce during the 1st quarter valued at $486,000. PNC Financial Services Group Inc. raised its position in Dayforce by 3.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,725 shares of the company’s stock worth $684,000 after purchasing an additional 443 shares during the period. ASR Vermogensbeheer N.V. bought a new stake in Dayforce in the first quarter worth $731,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Dayforce by 4.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,460,591 shares of the company’s stock valued at $85,196,000 after buying an additional 60,963 shares during the period.

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.