What’s Driving Dayforce Inc (DAY) Stock’s 1.08% Surge Over the Past Month? – BOVNews (2024)

• Melanie Gerald
• September 2, 2024
• Market

Piper Sandler has recently raised Dayforce Inc (DAY) stock to Overweight rating, as announced on July 31, 2024, according to Finviz. Earlier, on June 11, 2024, BMO Capital Markets had reiterated the stock to Outperform, setting a price target of $75. Stifel also initiated Buy rating with a price target of $75. Additionally, UBS initiated Buy rating on November 7, 2023, with a target price of $87. Goldman analysts, in their report published on October 23, 2023, also initiated Neutral rating and set a price target of $74 for Dayforce Inc’s stock. Analyst ratings are significant because they provide insights into stock performance expectations, influencing investor decisions and market sentiment.

Dayforce Inc (DAY) Stock Trading Recap

On Friday, Dayforce Inc (DAY) stock saw a decline, ending the day at $57.17 which represents a decrease of $-0.86 or -1.48% from the prior close of $58.03. The stock opened at $58.19 and touched a low of $55.82 during the day, reaching a high of $58.78. The volume of shares traded was 2.44 million exceeding the average volume of 1.88 million.

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DAY Stock Performance and Moving Averages

In recent trading, Dayforce Inc (DAY) stock price has shown some volatility, fluctuating 0.74% over the last five trades and 1.08% over the past 30 trades. This represents a notable shift from earlier in the year. Over the last six months, the stock has risen by -16.23%, and it has gained 15.59% in the previous three months. Currently, DAY is trading at 4.32%, 7.66%, and -7.13% relative to its 20-Day, 50-Day, and 200-Day Simple Moving Averages, respectively.

As of the latest trading close, DAY, a Technology sector stock, is trading -24.31% below its 52-week high but remains 21.43% above its 52-week low. The Average True Range (ATR) (14 days) of 1.98 highlights the stock’s average volatility, providing insight into how much the price typically fluctuates. This measure is crucial for understanding potential price swings and assessing overall market risk.

Dayforce Inc’s Profitability and Valuation Ratios

Dayforce Inc’s profitability metrics reveal strong financial health. The company currently boasts an operating margin of 8.36% and a profit margin of 2.89%, with a gross margin of -16.23%. The profit margin, also known as the revenue ratio or gross profit ratio, measures how efficiently a company converts sales into net income; higher margins indicate greater profitability.

In terms of valuation, Dayforce Inc’s market capitalization stands at $9.04 billion. Market cap represents the total value of all outstanding shares and is a key indicator of a company’s market value. The stock’s price-to-earnings (P/E) ratio is 193.8, assessing the company’s valuation relative to its earnings. The forward P/E ratio, which uses projected earnings for the next financial year, is 28.69. Additionally, the Price-to-Sales Ratio is 5.54, reflecting the market’s valuation of the company’s sales, while the Price-to-Book Ratio is 3.69, comparing the market value to the company’s book value.

Understanding Insider Trading

Investors often prefer to invest in shares held by company insiders, as management is typically more aligned with the company’s success and shareholder interests. Currently, insiders own just 3.97% of Dayforce Inc (DAY)’s shares, while financial institutions hold 115.26%.

Notable insider trades include McDonald William Everett, EVP, GC & Corporate Secretary at Dayforce Inc (DAY), who sold 5995 shares on May 20 ’24, at $63.28 each, totaling $0.38 million. On Mar 22 ’24, Armstrong Christopher R, EVP, Chief Operating Officer, sold 60000 shares for $69.14 each, amounting to $4.15 million. Additionally, on Nov 10 ’23, Heuland Noemie Clemence sold 3000 shares at $65.18 each, generating $0.20 million.

• TagsDAY, DAY stock, Dayforce Inc

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