Paymentus (NYSE:PAY) Sets New 52-Week Low Following Analyst Downgrade

Paymentus Holdings, Inc. (NYSE:PAY)’s share price reached a new 52-week low on Tuesday after Wedbush lowered their price target on the stock from $40.00 to $32.00. Wedbush currently has an outperform rating on the stock. Paymentus traded as low as $22.02 and last traded at $23.4840, with a volume of 401067 shares. The stock had previously closed at $24.40.

Several other research analysts have also issued reports on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Paymentus in a research report on Monday, December 29th. JPMorgan Chase & Co. raised their price objective on Paymentus from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, December 4th. The Goldman Sachs Group dropped their target price on shares of Paymentus from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday. Raymond James Financial raised shares of Paymentus from an “outperform” rating to a “strong-buy” rating and set a $35.00 target price on the stock in a research report on Friday, February 20th. Finally, Wall Street Zen raised shares of Paymentus from a “hold” rating to a “buy” rating in a research report on Sunday, February 8th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Paymentus currently has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Hedge Funds Weigh In On Paymentus

A number of hedge funds have recently bought and sold shares of the business. Royal Bank of Canada grew its stake in shares of Paymentus by 26.8% during the 1st quarter. Royal Bank of Canada now owns 183,144 shares of the business services provider’s stock valued at $4,780,000 after purchasing an additional 38,731 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Paymentus by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider’s stock valued at $425,000 after buying an additional 683 shares during the period. Millennium Management LLC increased its holdings in Paymentus by 4.2% during the first quarter. Millennium Management LLC now owns 243,860 shares of the business services provider’s stock valued at $6,365,000 after buying an additional 9,890 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Paymentus by 275.8% in the first quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider’s stock worth $14,927,000 after acquiring an additional 419,736 shares during the period. Finally, AlphaQuest LLC raised its position in Paymentus by 399.5% in the second quarter. AlphaQuest LLC now owns 7,627 shares of the business services provider’s stock worth $250,000 after acquiring an additional 6,100 shares during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Paymentus Trading Down 2.0%

The company’s 50 day moving average price is $27.99 and its two-hundred day moving average price is $31.84. The firm has a market cap of $3.03 billion, a PE ratio of 46.48 and a beta of 1.49.

Paymentus Company Profile

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.