Short Interest in Dayforce Inc (NYSE:DAY) Drops By 6.5%

Dayforce Inc (NYSE:DAY) was the target of a large decrease in short interest in 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. Currently, 9.7% of the shares of the stock are short sold. Based on an average trading volume of 1,420,000 shares, the short-interest ratio is currently 10.3 days.

Dayforce Stock Down 0.2 %

Shares of DAY stock traded down $0.18 during mid-day trading on Monday, hitting $74.38. The stock had a trading volume of 412,770 shares, compared to its average volume of 1,604,944. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.15 and a quick ratio of 1.15. The firm has a market capitalization of $11.73 billion, a P/E ratio of 225.95, a price-to-earnings-growth ratio of 3.50 and a beta of 1.27. Dayforce has a 12-month low of $47.08 and a 12-month high of $81.32. The firm’s 50-day moving average is $65.44 and its two-hundred day moving average is $58.15.

Insider Transactions at Dayforce

In other news, insider Jeffrey Scott Jacobs sold 643 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was 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 of the company’s stock, valued at approximately $2,159,269.38. The trade was a 1.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Stephen H. Holdridge sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $65.00, for a total value of $65,000.00. Following the transaction, the chief operating officer now directly owns 100,437 shares in the company, valued at approximately $6,528,405. This represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,643 shares of company stock valued at $384,617 in the last ninety days. Corporate insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On Dayforce

A number of hedge funds have recently made changes to their positions in DAY. Select Equity Group L.P. purchased a new stake in shares of Dayforce during the 2nd quarter worth $721,310,000. EdgePoint Investment Group Inc. purchased a new stake in shares of Dayforce during the 2nd quarter worth $521,396,000. Dragoneer Investment Group LLC purchased a new stake in shares of Dayforce during the 2nd quarter worth $193,274,000. Dimensional Fund Advisors LP purchased a new stake in shares of Dayforce during the 2nd quarter worth $51,027,000. Finally, Cannae Holdings Inc. purchased a new stake in shares of Dayforce during the 2nd quarter worth $49,600,000.

Analyst Upgrades and Downgrades

DAY has been the topic of several research analyst reports. Jefferies Financial Group upped their price objective on Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Needham & Company LLC upped their price objective on Dayforce from $82.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Barclays upped their price objective on Dayforce from $70.00 to $80.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Citigroup upped their price objective on Dayforce from $75.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.08.

About Dayforce

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.