The stock of Paylocity Holding Corporation (NASDAQ:PCTY) is now priced at $152.99 and the shares are 2.11 points up or 1.4% higher compared to its previous closing price of $150.88. The stock had 394650 contracts set over the past session. PCTY shares’ daily volume is compared to its average trading volume at 723287 shares. However, it has a float of 35.56 million and although its performance was 6.9% over the week, it’s one to watch. Analysts have given the PCTY stock a yearly average price target of $131.62 per share. It means the stock’s downside potential is -13.97% with the PCTY share price recently placing at $152.115 to $156. However, some brokerage firms have priced the stock below the average, including one that has called $93.
The shorts are running away from the Paylocity Holding Corporation stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the PCTY shares have declined. Short interest in the stock represents just 5.85% of its float, but the volume has dropped by -200836. The volume of shorted shares dropped to 2.079 million from 2.28 million shares over the last two weeks. The average intraday trading volume has been 423948 shares, which means that days to cover moved to roughly 4.903469.
In the last trading session, Paylocity Holding Corporation (NASDAQ:PCTY) raised by $9.88 over the week and gained $20.53 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $156. The stock recorded its established 52-week high on 07/02/20.
Since 03/18/20, the stock has traded to a low of $66.98 at 128.41%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.68. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Paylocity Holding Corporation’s two-week RSI is 67.43. This suggests that the stock is neutral at the moment and that PCTY shares’ price movement remains stable. The stochastic readings are equally revealing at 92.45% meaning the PCTY share price is currently in oversold territory.
The technical chart shows that the PCTY stock will likely settle at between $155.29 and $157.59 per share. However, if the stock dips below $151.4, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $149.82.
Currently, the stock is trading in the green of MACD, with a reading of 4.49. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at RBC Capital Mkts raised their recommendation for PCTY from Sector Perform to Outperform in June 18 review while maintain their target price of $120 to $155. Piper Sandler analysts see the stock as a Neutral with a target price of $125 in a flash note released to investors on May 22 initiating covering the stock. Stifel seeing the stock struggling downgraded it from Buy to Hold on April 16 placing it at $155 to $80.
The average rating for the PCTY equity is 2.29 and is currently gathering a bullish momentum. Of 15 analysts tracking Paylocity Holding Corporation polled by Reuters, 6 rated PCTY as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PCTY stock price is 95.32X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Paylocity Holding Corporation (NASDAQ:PCTY) will decrease by about -99.93%, which will see them reach $126.39 million. The company’s full-year revenues are, however, expected to increase by about 19.14%, up from $467.63 million to $557.13 million. PCTY’s expected adjusted earnings should drop almost -64.71% to end up at $0.12 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 21.74% to record $1.68/share.