Paymentus (NYSE:PAY) Sees Large Volume Increase After Analyst Upgrade

Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) saw strong trading volume on Monday after The Goldman Sachs Group raised their price target on the stock from $23.50 to $33.00. The Goldman Sachs Group currently has a neutral rating on the stock. 336,835 shares were traded during mid-day trading, an increase of 31% from the previous session's volume of 257,908 shares.The stock last traded at $35.18 and had previously closed at $33.50.

PAY has been the topic of a number of other reports. Canaccord Genuity Group lowered shares of Paymentus from a "strong-buy" rating to a "hold" rating in a research report on Monday, November 11th. Robert W. Baird raised their target price on shares of Paymentus from $25.00 to $36.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research report on Saturday, August 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Paymentus from $21.00 to $26.00 and gave the company a "neutral" rating in a research report on Tuesday, August 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Paymentus from $21.00 to $27.00 and gave the company an "equal weight" rating in a research report on Wednesday, November 13th. Seven investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $28.80.

Institutional Trading of Paymentus

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC grew its holdings in shares of Paymentus by 550.0% during the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider's stock worth $26,000 after purchasing an additional 1,100 shares during the period. MCF Advisors LLC raised its position in shares of 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 purchasing an additional 650 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of 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 purchasing an additional 1,027 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Paymentus during the 3rd quarter valued at approximately $43,000. Finally, Arcadia Investment Management Corp MI raised its position in shares of Paymentus by 141.1% during 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 in the last quarter. Hedge funds and other institutional investors own 12.55% of the company's stock.

Paymentus Trading Up 5.1 %

The firm has a market capitalization of $4.38 billion, a price-to-earnings ratio of 113.61 and a beta of 1.41. The company has a 50-day moving average of $23.95 and a 200-day moving average of $21.43.

About Paymentus

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.