Paymentus (NYSE:PAY) Trading Down 7.7% Following Analyst Downgrade

Shares of Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) dropped 7.7% on Wednesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The company traded as low as $28.28 and last traded at $28.38. Approximately 157,953 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 322,372 shares. The stock had previously closed at $30.75.

Other equities analysts have also recently issued reports about the company. Robert W. Baird reduced their price target on Paymentus from $40.00 to $36.00 and set an "outperform" rating for the company in a research report on Tuesday. The Goldman Sachs Group upped their target price on Paymentus from $23.50 to $33.00 and gave the stock a "neutral" rating in a research note on Friday, November 15th. Canaccord Genuity Group lowered shares of Paymentus from a "strong-buy" rating to a "hold" rating in a report on Monday, November 11th. Wedbush started coverage on shares of Paymentus in a research note on Monday, February 3rd. They issued an "outperform" rating for the company. Finally, JPMorgan Chase & Co. decreased their price target on Paymentus from $31.00 to $29.00 and set a "neutral" rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $31.83.

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Insiders Place Their Bets

In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following the sale, the general counsel now directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. The trade was a 3.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sanjay Kalra sold 15,794 shares of Paymentus stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the sale, the chief financial officer now owns 466,035 shares in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 87.76% of the company's stock.

Institutional Investors Weigh In On Paymentus

Several large investors have recently modified their holdings of PAY. Versor Investments LP purchased a new stake in Paymentus during the 3rd quarter worth approximately $331,000. RiverPark Advisors LLC grew its position in Paymentus by 8.8% during the 3rd quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider's stock worth $311,000 after purchasing an additional 1,258 shares during the last quarter. Quest Partners LLC grew its position in Paymentus by 3,809.6% during the 3rd quarter. Quest Partners LLC now owns 20,877 shares of the business services provider's stock worth $418,000 after purchasing an additional 20,343 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Paymentus by 196.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider's stock worth $864,000 after purchasing an additional 28,628 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its position in Paymentus by 155.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider's stock worth $34,000 after purchasing an additional 1,027 shares during the last quarter. Institutional investors own 78.38% of the company's stock.

Paymentus Trading Up 1.2 %

The firm's 50-day simple moving average is $30.11 and its two-hundred day simple moving average is $28.50. The company has a market cap of $3.69 billion, a PE ratio of 95.42 and a beta of 1.68.

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.