Short Interest in Paymentus Holdings, Inc. (NYSE:PAY) Rises By 53.8%

Paymentus Holdings, Inc. (NYSE:PAY) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 407,700 shares, an increase of 53.8% from the November 30th total of 265,100 shares. Currently, 2.1% of the shares of the stock are short sold. Based on an average trading volume of 395,900 shares, the days-to-cover ratio is presently 1.0 days.

Insider Buying and Selling at Paymentus

In related news, General Counsel Andrew A. Gerber sold 34,272 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total value of $1,280,401.92. Following the sale, the general counsel now owns 97,925 shares in the company, valued at $3,658,478. This represents a 25.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 87.76% of the stock is owned by corporate insiders.

Institutional Trading of Paymentus

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock valued at $14,207,000 after acquiring an additional 81,853 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Paymentus by 4.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 541,049 shares of the business services provider’s stock worth $10,279,000 after purchasing an additional 20,767 shares during the period. State Street Corp increased its position in Paymentus by 2.6% during the 3rd quarter. State Street Corp now owns 300,414 shares of the business services provider’s stock worth $6,014,000 after purchasing an additional 7,525 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Paymentus by 1.1% during the 2nd quarter. Millennium Management LLC now owns 285,781 shares of the business services provider’s stock valued at $5,430,000 after acquiring an additional 3,124 shares in the last quarter. Finally, FMR LLC increased its holdings in Paymentus by 32,191.6% in the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock valued at $4,564,000 after purchasing an additional 227,273 shares in the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PAY shares. The Goldman Sachs Group upped their price target on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Canaccord Genuity Group cut Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Wells Fargo & Company upped their price objective on Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Robert W. Baird lifted their price objective on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $28.80.

Paymentus Trading Up 0.9 %

Shares of NYSE PAY traded up $0.30 on Monday, reaching $33.31. 313,020 shares of the company traded hands, compared to its average volume of 283,772. The company has a 50 day moving average of $31.89 and a 200 day moving average of $24.76. Paymentus has a fifty-two week low of $14.77 and a fifty-two week high of $38.94. The stock has a market capitalization of $4.15 billion, a PE ratio of 107.45 and a beta of 1.63.

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.