Dayforce, Inc. (NYSE:DAY) Sees Large Increase in Short Interest

Dayforce, Inc. (NYSE:DAY) was the recipient of a significant increase in short interest in the month of December. As of December 15th, there was short interest totaling 10,057,863 shares, an increase of 84.1% from the November 30th total of 5,463,315 shares. Currently, 6.6% of the shares of the company are sold short. Based on an average daily volume of 4,488,883 shares, the days-to-cover ratio is presently 2.2 days. Based on an average daily volume of 4,488,883 shares, the days-to-cover ratio is presently 2.2 days. Currently, 6.6% of the shares of the company are sold short.

Analyst Ratings Changes

DAY has been the subject of several recent analyst reports. Zacks Research lowered shares of Dayforce from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 5th. Stifel Nicolaus reaffirmed a “hold” rating and set a $70.00 price target (down from $72.00) on shares of Dayforce in a report on Friday, September 19th. Citigroup lowered Dayforce from a “buy” rating to a “neutral” rating and set a $70.00 price objective on the stock. in a research note on Wednesday, September 17th. Weiss Ratings restated a “sell (d)” rating on shares of Dayforce in a report on Monday, December 22nd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Dayforce in a report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Dayforce has a consensus rating of “Hold” and an average target price of $70.36.

Dayforce Stock Performance

DAY stock opened at $69.19 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. Dayforce has a twelve month low of $48.01 and a twelve month high of $75.14. The business’s fifty day moving average is $68.89 and its 200-day moving average is $64.65. The company has a market cap of $11.07 billion, a P/E ratio of -73.61, a price-to-earnings-growth ratio of 2.76 and a beta of 1.20.

Dayforce (NYSE:DAY) last released its earnings results on Wednesday, October 29th. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.19). Dayforce had a negative net margin of 7.91% and a positive return on equity of 6.54%. The company had revenue of $481.60 million during the quarter, compared to analyst estimates of $481.22 million. During the same period in the previous year, the company posted $0.47 EPS. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. Equities research analysts forecast that Dayforce will post 1.48 EPS for the current year.

Insider Buying and Selling at Dayforce

In other news, major shareholder Price T. Rowe Associates Inc /M sold 10,147 shares of the stock in a transaction on Friday, October 31st. The shares were sold at an average price of $68.74, for a total value of $697,504.78. Following the completion of the transaction, the insider owned 24,743,271 shares in the company, valued at approximately $1,700,852,448.54. This represents a 0.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP William Everett Mcdonald sold 1,912 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $68.25, for a total transaction of $130,494.00. Following the completion of the sale, the executive vice president directly owned 101,772 shares in the company, valued at approximately $6,945,939. The trade was a 1.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 70,947 shares of company stock worth $4,859,263. Corporate insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Dayforce

Several institutional investors and hedge funds have recently modified their holdings of DAY. CIBC Bancorp USA Inc. bought a new position in Dayforce in the third quarter valued at approximately $1,123,000. Danske Bank A S bought a new position in Dayforce in the third quarter valued at $110,000. Morningstar Investment Management LLC bought a new position in Dayforce in the third quarter valued at $1,086,000. Armistice Capital LLC acquired a new stake in Dayforce in the 3rd quarter valued at $576,000. Finally, Utah Retirement Systems lifted its position in Dayforce by 1.9% during the 3rd quarter. Utah Retirement Systems now owns 25,397 shares of the company’s stock worth $1,750,000 after buying an additional 474 shares in the last quarter.

Dayforce Company Profile

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market. The company also provides payroll and payroll-related services; and implementation and professional services.