Short Interest in Corpay, Inc. (NYSE:CPAY) Drops By 16.2%

Corpay, Inc. (NYSE:CPAY) was the recipient of a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 1,710,000 shares, a drop of 16.2% from the February 28th total of 2,040,000 shares. Approximately 2.5% of the company’s stock are sold short. Based on an average daily volume of 474,000 shares, the short-interest ratio is currently 3.6 days.

Wall Street Analysts Forecast Growth

CPAY has been the topic of a number of recent research reports. Keefe, Bruyette & Woods increased their price objective on shares of Corpay from $415.00 to $445.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Raymond James dropped their target price on Corpay from $434.00 to $417.00 and set an “outperform” rating on the stock in a report on Thursday, February 6th. Wolfe Research raised shares of Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 price target for the company in a report on Wednesday, January 8th. Wells Fargo & Company boosted their price target on shares of Corpay from $340.00 to $375.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Finally, Citigroup started coverage on Corpay in a research report on Tuesday, January 14th. They set a “buy” rating and a $430.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $399.71.

Corpay Stock Up 0.9 %

Shares of CPAY stock traded up $3.15 on Tuesday, hitting $351.87. The stock had a trading volume of 498,200 shares, compared to its average volume of 475,034. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.05 and a current ratio of 1.00. Corpay has a 52-week low of $247.10 and a 52-week high of $400.81. The stock’s 50 day moving average is $363.31 and its 200-day moving average is $352.48. The firm has a market capitalization of $24.72 billion, a price-to-earnings ratio of 25.17, a P/E/G ratio of 1.32 and a beta of 1.25.

Corpay (NYSE:CPAY) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $4.96 earnings per share for the quarter, missing the consensus estimate of $5.37 by ($0.41). Corpay had a return on equity of 41.46% and a net margin of 25.25%. As a group, research analysts expect that Corpay will post 19.76 earnings per share for the current year.

Insider Activity

In related news, Director Richard Macchia sold 2,427 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $375.23, for a total transaction of $910,683.21. Following the completion of the sale, the director now owns 12,215 shares in the company, valued at approximately $4,583,434.45. This trade represents a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Corpay

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Avion Wealth grew its holdings in Corpay by 1,011.1% in the 4th quarter. Avion Wealth now owns 100 shares of the company’s stock worth $33,000 after buying an additional 91 shares in the last quarter. Colonial Trust Co SC increased its stake in Corpay by 120.5% during the 4th quarter. Colonial Trust Co SC now owns 97 shares of the company’s stock valued at $33,000 after buying an additional 53 shares during the period. Versant Capital Management Inc raised its position in shares of Corpay by 130.4% during the 4th quarter. Versant Capital Management Inc now owns 106 shares of the company’s stock worth $36,000 after buying an additional 60 shares in the last quarter. Quarry LP acquired a new stake in shares of Corpay in the 3rd quarter worth approximately $42,000. Finally, Spire Wealth Management bought a new position in shares of Corpay in the fourth quarter valued at approximately $42,000. 98.84% of the stock is currently owned by institutional investors and hedge funds.

Corpay Company Profile

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.