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

Paymentus (NYSE:PAY) was downgraded by stock analysts at Canaccord Genuity Group from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

PAY has been the topic of several other reports. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. The Goldman Sachs Group raised their price objective on Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a report on Friday, August 9th. Robert W. Baird boosted their target price on Paymentus from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Seven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Paymentus has a consensus rating of “Hold” and an average price target of $23.50.

Paymentus Trading Down 0.4 %

Paymentus stock opened at $26.67 on Monday. The stock has a fifty day moving average price of $22.92 and a 200 day moving average price of $21.06. Paymentus has a 52 week low of $14.77 and a 52 week high of $27.93. The firm has a market capitalization of $3.32 billion, a P/E ratio of 106.66 and a beta of 1.41.

Institutional Investors Weigh In On Paymentus

Several institutional investors and hedge funds have recently bought and sold shares of the business. nVerses Capital LLC increased its position in Paymentus by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after buying an additional 1,100 shares during the period. MCF Advisors LLC lifted its position in Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 650 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Paymentus by 155.1% during 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 during the period. Arcadia Investment Management Corp MI grew its position in Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after purchasing an additional 1,381 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new position in Paymentus in the 1st quarter worth about $106,000. Institutional investors and hedge funds own 12.55% of the company’s stock.

About Paymentus

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.