Short Interest in Paymentus Holdings, Inc. (NYSE:PAY) Grows By 30.2%

Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 1,130,000 shares, a growth of 30.2% from the February 28th total of 867,700 shares. Based on an average daily trading volume, of 483,500 shares, the short-interest ratio is presently 2.3 days. Approximately 4.4% of the shares of the stock are sold short.

Insiders Place Their Bets

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of the business's stock in a transaction on Tuesday, February 18th. The stock was 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 directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the firm's stock in a transaction 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 sale, the general counsel now owns 94,855 shares in the company, valued at $3,033,462.90. This trade represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by company insiders.

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Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PAY. JPMorgan Chase & Co. grew its position in shares of Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider's stock worth $14,207,000 after acquiring an additional 81,853 shares during the last quarter. Cerity Partners LLC acquired a new stake in shares of Paymentus in the third quarter valued at approximately $629,000. PDT Partners LLC boosted its position in shares of Paymentus by 39.4% during the third quarter. PDT Partners LLC now owns 48,174 shares of the business services provider's stock worth $964,000 after buying an additional 13,621 shares during the period. Victory Capital Management Inc. bought a new stake in Paymentus during the 4th quarter valued at $215,000. Finally, Barclays PLC lifted its holdings in Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider's stock worth $101,000 after purchasing an additional 4,755 shares during the period. 78.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wells Fargo & Company lifted their price target on Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a report on Wednesday, March 19th. Robert W. Baird dropped their price target on shares of Paymentus from $36.00 to $30.00 and set an "outperform" rating for the company in a research report on Friday. JPMorgan Chase & Co. decreased their price target on shares of Paymentus from $31.00 to $29.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Finally, Wedbush restated an "outperform" rating and set a $38.00 price objective on shares of Paymentus in a report on Wednesday, March 12th. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $30.83.

Paymentus Price Performance

PAY traded down $0.97 during trading on Friday, hitting $24.59. The company had a trading volume of 192,135 shares, compared to its average volume of 325,519. The company has a market cap of $3.07 billion, a PE ratio of 79.06 and a beta of 1.65. Paymentus has a 1-year low of $16.94 and a 1-year high of $38.94. The business has a 50-day moving average of $28.98 and a 200-day moving average of $29.10.

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.