Dayforce, Inc. (NYSE:DAY) Sees Large Increase in Short Interest

Dayforce, Inc. (NYSE:DAY) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totaling 10,057,863 shares, a growth of 84.1% from the November 30th total of 5,463,315 shares. Currently, 6.6% of the company’s stock are short sold. Based on an average daily volume of 4,488,883 shares, the days-to-cover ratio is currently 2.2 days. Based on an average daily volume of 4,488,883 shares, the days-to-cover ratio is currently 2.2 days. Currently, 6.6% of the company’s stock are short sold.

Insider Activity

In related news, EVP William Everett Mcdonald sold 1,912 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $68.25, for a total value of $130,494.00. Following the sale, the executive vice president owned 101,772 shares in the company, valued at approximately $6,945,939. This represents a 1.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Price T. Rowe Associates Inc /M sold 10,147 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $68.74, for a total transaction of $697,504.78. Following the completion of the transaction, the insider owned 24,743,271 shares in the company, valued at approximately $1,700,852,448.54. This trade represents a 0.04% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 70,947 shares of company stock worth $4,859,263. 4.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Dayforce

Institutional investors have recently made changes to their positions in the stock. Pentwater Capital Management LP acquired a new stake in shares of Dayforce in the third quarter valued at about $378,895,000. EdgePoint Investment Group Inc. raised its position in shares of Dayforce by 55.0% during the first quarter. EdgePoint Investment Group Inc. now owns 13,860,521 shares of the company’s stock worth $808,484,000 after acquiring an additional 4,918,825 shares during the last quarter. Magnetar Financial LLC acquired a new position in shares of Dayforce in the third quarter worth approximately $52,316,000. Balyasny Asset Management L.P. bought a new stake in Dayforce in the third quarter valued at approximately $43,861,000. Finally, Assenagon Asset Management S.A. boosted its holdings in Dayforce by 1,055.0% in the third quarter. Assenagon Asset Management S.A. now owns 567,796 shares of the company’s stock valued at $39,115,000 after acquiring an additional 518,636 shares during the last quarter.

Dayforce Stock Performance

NYSE:DAY opened at $69.19 on Friday. The stock’s 50-day moving average is $68.89 and its 200-day moving average is $64.65. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. Dayforce has a 1-year low of $48.01 and a 1-year high of $75.14. The stock has a market cap of $11.07 billion, a P/E ratio of -73.61, a price-to-earnings-growth ratio of 2.76 and a beta of 1.20.

Dayforce (NYSE:DAY) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.19). The business had revenue of $481.60 million during the quarter, compared to analyst estimates of $481.22 million. Dayforce had a negative net margin of 7.91% and a positive return on equity of 6.54%. The company’s revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.47 earnings per share. Equities research analysts anticipate that Dayforce will post 1.48 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on DAY shares. UBS Group lowered Dayforce from a “strong-buy” rating to a “hold” rating in a report on Saturday, November 15th. Citigroup cut Dayforce from a “buy” rating to a “neutral” rating and set a $70.00 price target for the company. in a research note on Wednesday, September 17th. Needham & Company LLC restated a “hold” rating on shares of Dayforce in a research note on Thursday, October 30th. Zacks Research cut Dayforce from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 5th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $70.00 target price (down from $72.00) on shares of Dayforce in a report on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $70.36.

Dayforce Company Profile

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market. The company also provides payroll and payroll-related services; and implementation and professional services.