Short Interest in Corpay, Inc. (NYSE:CPAY) Drops By 16.2%

Corpay, Inc. (NYSE:CPAY) saw a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 1,710,000 shares, a decrease of 16.2% from the February 28th total of 2,040,000 shares. Based on an average daily trading volume, of 474,000 shares, the short-interest ratio is presently 3.6 days. Approximately 2.5% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

CPAY has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Corpay from $340.00 to $375.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. BMO Capital Markets boosted their price target on Corpay from $400.00 to $440.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Citigroup assumed coverage on Corpay in a research note on Tuesday, January 14th. They set a “buy” rating and a $430.00 price objective for the company. Royal Bank of Canada raised their price target on shares of Corpay from $354.00 to $400.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 6th. Finally, Morgan Stanley upped their price target on shares of Corpay from $350.00 to $380.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $399.71.

Corpay Stock Performance

Shares of NYSE CPAY traded down $41.22 during midday trading on Thursday, hitting $317.30. The company’s stock had a trading volume of 371,925 shares, compared to its average volume of 475,198. The firm has a market cap of $22.29 billion, a P/E ratio of 22.69, a P/E/G ratio of 1.32 and a beta of 1.25. Corpay has a 1-year low of $247.10 and a 1-year high of $400.81. The firm’s fifty day moving average price is $362.55 and its 200-day moving average price is $352.84. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.05 and a current ratio of 1.00.

Corpay (NYSE:CPAY) last posted its earnings results on Wednesday, February 5th. The company reported $4.96 EPS for the quarter, missing the consensus estimate of $5.37 by ($0.41). Corpay had a net margin of 25.25% and a return on equity of 41.46%. On average, sell-side analysts forecast that Corpay will post 19.76 EPS for the current fiscal year.

Insider Transactions at Corpay

In other Corpay news, Director Richard Macchia sold 2,427 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $375.23, for a total value of $910,683.21. Following the completion of the sale, the director now owns 12,215 shares of the company’s stock, valued at $4,583,434.45. This trade represents a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.10% of the company’s stock.

Institutional Trading of Corpay

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Avion Wealth increased its stake in shares of Corpay by 1,011.1% during the fourth quarter. Avion Wealth now owns 100 shares of the company’s stock valued at $33,000 after acquiring an additional 91 shares during the period. Colonial Trust Co SC boosted its stake in Corpay by 120.5% during the fourth quarter. Colonial Trust Co SC now owns 97 shares of the company’s stock valued at $33,000 after buying an additional 53 shares in the last quarter. Versant Capital Management Inc grew its holdings in Corpay by 130.4% during the fourth quarter. Versant Capital Management Inc now owns 106 shares of the company’s stock worth $36,000 after acquiring an additional 60 shares during the period. Quarry LP bought a new stake in Corpay in the third quarter worth about $42,000. Finally, Spire Wealth Management acquired a new stake in Corpay in the 4th quarter valued at about $42,000. 98.84% of the stock is currently owned by institutional investors.

Corpay Company Profile

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.