Dayforce, Inc. (DAY) Monthly Stock Report
Publication Date: September 22, 2024
Company Overview
Dayforce, Inc. (DAY), headquartered in Minneapolis, Minnesota, is a key player in the technology sector, specializing in human capital management (HCM) software solutions. The company offers a comprehensive cloud-based platform that encompasses human resources, payroll, workforce management, and benefits functionalities. Originally established as Ceridian HCM Holding Inc., Dayforce underwent a rebranding in February 2024 to better align with its innovative service offerings. With a strong presence both in the United States and Canada, Dayforce serves clients of various sizes, providing them with effective solutions to meet the evolving needs of employment services. As of now, Dayforce is publicly traded and has reported robust total revenue of $1.632 billion, making it an attractive investment opportunity within the software application arena.
Stock Performance Analysis
As of today, Dayforce’s stock price stands at $58.91, revealing a significant upside potential with a target high price of $90.00. The average target price is projected at $70.73, based on evaluations from 15 analysts, all of whom express a bullish sentiment, giving the stock a “buy” recommendation with a mean score of 2.2. This suggests that analysts expect a favorable shift in the stock’s value, supported by strong revenue figures. Notably, Dayforce has 158,100,000 shares outstanding, of which 16,420,344 (approximately 15.66%) are held short, indicating a level of bearish sentiment in the market. However, the current price is well above its fifty-two week low of $47.08, reflecting an overall positive trajectory despite being below its fifty-two week high of $75.33. The fifty-day moving average rests at $55.37, aligning with a bullish outlook for the stock.
Growth Potential and Market Sentiment
The overall sentiment for Dayforce remains optimistic given its solid earnings report and future growth opportunities. Analysts note the stock’s positioning above key support levels combined with high revenue figures, suggesting potential price appreciation in the wake of ongoing technological advancements. With significant short positions, investor interest may lead to price volatility, presenting a strategic moment for long-term investors looking to capitalize on Dayforce’s growth trajectory. Preparing to navigate the dynamic landscape of human capital management, Dayforce is poised for significant expansion, aligning well with market demand trends. This confluence makes DAY a compelling choice for investors eyeing opportunity within the sector.
| Metric | Value |
|---|---|
| Market Cap | $9.3b |
| Total Debt | $1.2b |
| Total Cash | $465.4m |
| Shares Outstanding | 158.1m |
| Float Shares | 140.6m |
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