Paymentus (NYSE:PAY) Trading Down 5.3% – Should You Sell?

Paymentus Holdings, Inc. (NYSE:PAY) shares dropped 5.3% during trading on Thursday . The company traded as low as $33.01 and last traded at $32.97. Approximately 399,694 shares changed hands during trading, a decline of 38% from the average daily volume of 642,247 shares. The stock had previously closed at $34.82.

Wall Street Analysts Forecast Growth

PAY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Paymentus from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, December 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Paymentus in a research note on Monday. Finally, Wall Street Zen raised shares of Paymentus from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.50.

Paymentus Price Performance

The firm has a fifty day moving average of $33.08 and a two-hundred day moving average of $33.46. The stock has a market capitalization of $4.13 billion, a P/E ratio of 71.50 and a beta of 1.48.

Hedge Funds Weigh In On Paymentus

A number of hedge funds and other institutional investors have recently modified their holdings of PAY. Wasatch Advisors LP increased its holdings in shares of Paymentus by 210.1% in the 3rd quarter. Wasatch Advisors LP now owns 4,694,109 shares of the business services provider’s stock valued at $143,640,000 after acquiring an additional 3,180,156 shares during the period. Invesco Ltd. boosted its position in Paymentus by 115.8% during the third quarter. Invesco Ltd. now owns 3,788,090 shares of the business services provider’s stock valued at $115,916,000 after purchasing an additional 2,032,819 shares in the last quarter. Driehaus Capital Management LLC grew its stake in Paymentus by 152.3% in the first quarter. Driehaus Capital Management LLC now owns 1,897,552 shares of the business services provider’s stock valued at $49,526,000 after purchasing an additional 1,145,557 shares during the last quarter. Capital International Investors grew its stake in Paymentus by 17.6% in the third quarter. Capital International Investors now owns 7,180,653 shares of the business services provider’s stock valued at $219,728,000 after purchasing an additional 1,072,387 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Paymentus by 33.0% in the third quarter. Vanguard Group Inc. now owns 3,638,609 shares of the business services provider’s stock worth $111,341,000 after purchasing an additional 903,627 shares in the last quarter. 78.38% of the stock is currently owned by institutional investors.

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.