Paymentus (NYSE:PAY) Stock Price Down 7.7% After Analyst Downgrade

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

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

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Insider Activity

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

Hedge Funds Weigh In On Paymentus

Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in Paymentus by 13.0% in the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider's stock valued at $14,207,000 after purchasing an additional 81,853 shares during the last quarter. Cerity Partners LLC purchased a new position in Paymentus in the third quarter valued at approximately $629,000. PDT Partners LLC lifted its stake in Paymentus by 39.4% in the third quarter. PDT Partners LLC now owns 48,174 shares of the business services provider's stock valued at $964,000 after purchasing an additional 13,621 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Paymentus by 196.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider's stock valued at $864,000 after purchasing an additional 28,628 shares during the last quarter. Finally, Barclays PLC lifted its stake in Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider's stock valued at $101,000 after purchasing an additional 4,755 shares during the last quarter. Hedge funds and other institutional investors own 78.38% of the company's stock.

Paymentus Stock Up 1.2 %

The firm has a market cap of $3.69 billion, a PE ratio of 95.42 and a beta of 1.68. The firm has a 50 day moving average of $30.01 and a 200 day moving average of $28.63.

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.