Paymentus (NYSE:PAY) Shares Gap Up Following Earnings Beat

Paymentus Holdings, Inc. (NYSE:PAY)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $26.61, but opened at $32.11. Paymentus shares last traded at $31.77, with a volume of 460,988 shares trading hands.

The business services provider reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.07. The firm had revenue of $231.57 million for the quarter, compared to analysts’ expectations of $191.80 million. Paymentus had a net margin of 4.63% and a return on equity of 9.33%.

Wall Street Analysts Forecast Growth

PAY has been the topic of several research analyst reports. Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday. The Goldman Sachs Group raised their target price on shares of Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a report on Friday, August 9th. Robert W. Baird increased their price target on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. StockNews.com upgraded shares of Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Seven investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $25.70.

Hedge Funds Weigh In On Paymentus

Several large investors have recently modified their holdings of PAY. GSA Capital Partners LLP increased its stake in Paymentus by 38.2% in the third quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock valued at $2,486,000 after purchasing an additional 34,307 shares in the last quarter. Quadrature Capital Ltd increased its stake in Paymentus by 130.1% in the first quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock valued at $1,575,000 after purchasing an additional 39,136 shares in the last quarter. Vanguard Group Inc. increased its stake in Paymentus by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock valued at $31,596,000 after purchasing an additional 8,457 shares in the last quarter. Comerica Bank increased its stake in Paymentus by 4,713.1% in the first quarter. Comerica Bank now owns 20,552 shares of the business services provider’s stock valued at $468,000 after purchasing an additional 20,125 shares in the last quarter. Finally, Algert Global LLC increased its stake in Paymentus by 3.2% in the second quarter. Algert Global LLC now owns 135,056 shares of the business services provider’s stock valued at $2,566,000 after purchasing an additional 4,216 shares in the last quarter. Institutional investors own 12.55% of the company’s stock.

Paymentus Stock Up 22.5 %

The stock has a market capitalization of $4.06 billion, a P/E ratio of 130.41 and a beta of 1.41. The firm’s 50 day simple moving average is $22.92 and its two-hundred day simple moving average is $21.06.

Paymentus Company Profile

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.