Canaccord Genuity Group Downgrades Paymentus (NYSE:PAY) to Hold

Canaccord Genuity Group downgraded shares of Paymentus (NYSE:PAY) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

Several other research analysts also recently weighed in on PAY. StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. Robert W. Baird boosted their price objective on shares of Paymentus from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. upped their price objective 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. Finally, The Goldman Sachs Group boosted their price target on shares of Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Seven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Paymentus currently has an average rating of “Hold” and a consensus price target of $26.90.

Paymentus Stock Performance

Shares of Paymentus stock opened at $32.55 on Monday. The company has a market capitalization of $4.05 billion, a P/E ratio of 105.00 and a beta of 1.41. Paymentus has a 1 year low of $14.77 and a 1 year high of $37.00. The company’s fifty day moving average is $23.39 and its two-hundred day moving average is $21.23.

Institutional Trading of Paymentus

A number of institutional investors have recently added to or reduced their stakes in PAY. MCF Advisors LLC increased its holdings in Paymentus by 80.1% in the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after buying an additional 650 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 1,027 shares in the last quarter. nVerses Capital LLC raised its holdings in Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after purchasing an additional 1,100 shares during the last quarter. RiverPark Advisors LLC boosted its position in Paymentus by 8.8% during the third quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock worth $311,000 after purchasing an additional 1,258 shares in the last quarter. Finally, Arcadia Investment Management Corp MI grew its holdings in Paymentus by 141.1% in the second quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 1,381 shares during the last quarter. Hedge funds and other institutional investors own 12.55% of the company’s stock.

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.