Short Interest in Corpay, Inc. (NYSE:CPAY) Expands By 13.1%

Corpay, Inc. (NYSE:CPAY) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 2,240,000 shares, a growth of 13.1% from the August 15th total of 1,980,000 shares. Based on an average trading volume of 455,400 shares, the days-to-cover ratio is currently 4.9 days. Currently, 3.3% of the company’s stock are sold short.

Institutional Investors Weigh In On Corpay

Institutional investors have recently made changes to their positions in the company. Epic Trust Investment Advisors LLC grew its position in shares of Corpay by 4.1% during the 2nd quarter. Epic Trust Investment Advisors LLC now owns 998 shares of the company’s stock valued at $266,000 after buying an additional 39 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Corpay by 21.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 242 shares of the company’s stock valued at $64,000 after purchasing an additional 43 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Corpay by 4.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 1,320 shares of the company’s stock worth $352,000 after purchasing an additional 54 shares during the period. Capital Insight Partners LLC lifted its holdings in shares of Corpay by 2.5% in the 2nd quarter. Capital Insight Partners LLC now owns 2,255 shares of the company’s stock worth $601,000 after purchasing an additional 55 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Corpay by 0.9% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,754 shares of the company’s stock valued at $2,066,000 after purchasing an additional 71 shares during the period. 98.84% of the stock is currently owned by institutional investors.

Corpay Price Performance

NYSE CPAY opened at $306.88 on Wednesday. The company’s fifty day moving average is $294.31. The company has a market cap of $21.31 billion, a P/E ratio of 22.83, a price-to-earnings-growth ratio of 1.22 and a beta of 1.22. Corpay has a 12 month low of $220.39 and a 12 month high of $319.94. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.74.

Corpay (NYSE:CPAY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.04. The business had revenue of $975.70 million during the quarter, compared to the consensus estimate of $973.84 million. Corpay had a return on equity of 38.93% and a net margin of 26.41%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $3.85 earnings per share. As a group, analysts anticipate that Corpay will post 17.81 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Evercore ISI lowered their price target on Corpay from $350.00 to $345.00 and set an “outperform” rating for the company in a report on Tuesday, June 25th. JPMorgan Chase & Co. raised their target price on Corpay from $327.00 to $353.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $310.00 price target on shares of Corpay in a report on Thursday, August 8th. Jefferies Financial Group lifted their price objective on shares of Corpay from $295.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Finally, William Blair upgraded shares of Corpay to a “strong-buy” rating in a research note on Thursday, August 8th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $332.50.

About Corpay

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.