Brokerages Set Paymentus Holdings, Inc. (NYSE:PAY) Price Target at $23.50

Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) has been given a consensus recommendation of "Hold" by the eight brokerages that are currently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $23.50.

PAY has been the topic of several recent research reports. The Goldman Sachs Group lifted their price target on shares of Paymentus from $21.00 to $23.50 and gave the company a "neutral" rating in a research note on Friday, August 9th. JPMorgan Chase & Co. lifted their price target on shares of Paymentus from $21.00 to $26.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Robert W. Baird lifted their price target on shares of Paymentus from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research note on Saturday, August 3rd. Finally, Canaccord Genuity Group lowered shares of Paymentus from a "strong-buy" rating to a "hold" rating in a research note on Monday.

Hedge Funds Weigh In On Paymentus

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC increased its position in Paymentus by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider's stock valued at $26,000 after acquiring an additional 1,100 shares during the period. MCF Advisors LLC increased its position in Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider's stock valued at $28,000 after acquiring an additional 650 shares during the period. Advisors Asset Management Inc. increased its position in Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider's stock valued at $34,000 after acquiring an additional 1,027 shares during the period. Arcadia Investment Management Corp MI increased its position in Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider's stock valued at $45,000 after acquiring an additional 1,381 shares during the period. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Paymentus during the first quarter worth $106,000. Institutional investors own 12.55% of the company's stock.

Paymentus Stock Down 1.5 %

PAY traded down $0.39 during trading on Tuesday, hitting $26.39. The company had a trading volume of 153,444 shares, compared to its average volume of 239,778. The company has a market capitalization of $3.29 billion, a PE ratio of 107.16 and a beta of 1.41. Paymentus has a one year low of $14.77 and a one year high of $27.93. The firm's 50-day moving average price is $22.81 and its 200 day moving average price is $21.02.

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.