Dayforce Inc (NYSE:DAY) Sees Significant Drop in Short Interest

Dayforce Inc (NYSE:DAY) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 14,680,000 shares, a decrease of 6.5% from the October 15th total of 15,700,000 shares. Based on an average daily volume of 1,420,000 shares, the short-interest ratio is presently 10.3 days. Currently, 9.7% of the company’s stock are sold short.

Dayforce Price Performance

Shares of NYSE:DAY opened at $74.81 on Wednesday. Dayforce has a 12 month low of $47.08 and a 12 month high of $81.32. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The stock has a market cap of $11.80 billion, a P/E ratio of 226.70, a P/E/G ratio of 3.50 and a beta of 1.27. The company has a 50 day moving average of $65.80 and a 200 day moving average of $58.27.

Insider Activity

In other Dayforce news, insider Jeffrey Scott Jacobs sold 643 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total transaction of $40,746.91. Following the transaction, the insider now owns 34,074 shares in the company, valued at approximately $2,159,269.38. This represents a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total transaction of $63,370.00. Following the transaction, the chief operating officer now owns 101,437 shares of the company’s stock, valued at $6,428,062.69. This represents a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,643 shares of company stock worth $460,877. Company insiders own 4.90% of the company’s stock.

Institutional Trading of Dayforce

A number of large investors have recently modified their holdings of the business. Financial Perspectives Inc purchased a new stake in shares of Dayforce during the 2nd quarter valued at $28,000. Quent Capital LLC bought a new position in shares of Dayforce during the third quarter valued at about $28,000. Sentry Investment Management LLC purchased a new stake in Dayforce in the 2nd quarter worth approximately $33,000. Farther Finance Advisors LLC purchased a new stake in Dayforce in the third quarter worth $40,000. Finally, Quarry LP bought a new stake in shares of Dayforce during the 3rd quarter valued at about $51,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Piper Sandler restated an “overweight” rating and issued a $94.00 target price (up previously from $82.00) on shares of Dayforce in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Dayforce from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. TD Cowen raised their price target on shares of Dayforce from $58.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, October 7th. KeyCorp lifted their price target on Dayforce from $80.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Jefferies Financial Group increased their price target on shares of Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.77.

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.