Why Is Paycom Stock Dropping Advertisement Reuters Shares of Paycom Software lost nearly two fifths of their value on Wednesday wiping about 5 5 billion off the payroll processor s market capitalization after its fourth
Following a disappointing earnings report Paycom PAYC 3 80 stock is getting crushed in Wednesday s trading The company s share price was down 38 3 as of 2 p m ET according to data from S Stifel analyst Brad Reback downgraded Paycom from Buy to Hold and lowered the price target from 400 to 160 Paycom reported 3Q23 revenue below the low end of guidance and issued 4Q23 guidance
Why Is Paycom Stock Dropping
Why Is Paycom Stock Dropping
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The bottom line improved 5 28 from 2 46 per share reported in the year ago quarter Paycom reported revenues of 499 9 million beating the consensus mark of 495 9 million The top line climbed Paycom Software stock is dropping alongside a mixed Q3 earnings report The company s EPS beat estimates while revenue missed them Its revenue outlook for Q4 2023 is also weak
Paycom ticker PAYC stock was tumbling 37 to 154 90 putting it on track for its largest percent decrease on record based on available data back to April 2014 according to Dow Jones Market Data Paycom Software Inc shares were set to shed nearly a third of their value based on Tuesday s after hours action as the company which makes payroll and human resources software came up short
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Paycom Software Inc shares were set to shed nearly a third of their value based on Tuesday s after hours action as the company which makes payroll and human resources software came up short Liudmila Chernetska iStock via Getty Images Paycom NYSE PAYC found its stock crashing around 20 on Wednesday after the company reported earnings On the surface the results looked solid with
Paycom Software Sinks 37 as Analysts Downgrade the Stock After Revenue Cut By Emily Dattilo Updated Nov 01 2023 10 12 am EDT Original Nov 01 2023 9 12 am EDT Share Paycom s third quarter revenue clocked in at 406 3 million above the 334 2 million that the company recorded a year before The FactSet consensus was for 411 2 million Our third quarter
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Why Is Paycom Stock Dropping - Paycom reported strong earnings after the market closed on Tuesday beating Wall Street s expectations on the top and bottom lines Revenue climbed 31 to 317 million and non GAAP adjusted