Paymentus (NYSE:PAY) Stock Price Down 6.7% – Time to Sell?

Paymentus Holdings, Inc. (NYSE:PAY)’s stock price fell 6.7% during trading on Friday . The stock traded as low as $29.89 and last traded at $29.4750. 43,203 shares changed hands during trading, a decline of 95% from the average session volume of 791,567 shares. The stock had previously closed at $31.59.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wall Street Zen raised Paymentus from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. JPMorgan Chase & Co. increased their price objective on Paymentus from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, December 4th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Paymentus in a research note on Monday. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $37.50.

Paymentus Stock Down 8.8%

The company’s fifty day simple moving average is $33.27 and its 200 day simple moving average is $32.88. The firm has a market capitalization of $3.61 billion, a PE ratio of 62.99 and a beta of 1.49.

Institutional Investors Weigh In On Paymentus

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAY. JPMorgan Chase & Co. raised its holdings in Paymentus by 2.4% in the third quarter. JPMorgan Chase & Co. now owns 623,586 shares of the business services provider’s stock worth $19,082,000 after purchasing an additional 14,373 shares in the last quarter. Morningstar Investment Management LLC purchased a new stake in shares of Paymentus in the 3rd quarter worth about $818,000. Dark Forest Capital Management LP bought a new position in shares of Paymentus in the 3rd quarter worth about $325,000. Wasatch Advisors LP lifted its position in Paymentus by 210.1% during the 3rd quarter. Wasatch Advisors LP now owns 4,694,109 shares of the business services provider’s stock valued at $143,640,000 after acquiring an additional 3,180,156 shares during the period. Finally, Summit Partners Public Asset Management LLC lifted its position in Paymentus by 159.0% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 158,000 shares of the business services provider’s stock valued at $4,835,000 after acquiring an additional 97,000 shares during the period. 78.38% of the stock is owned by hedge funds and other institutional investors.

About Paymentus

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.