Dayforce Inc (NYSE: DAY): What’s Next In 2024?

Dayforce Inc (NYSE:DAY) shares, rose in value on Thursday, April 04, with the stock price down by -0.97% to the previous day’s close as strong demand from buyers drove the stock to $63.92.

Actively observing the price movement in the recent trading, the stock is buoying the session at $64.55. The value of beta (5-year monthly) is 1.30 whereas the PE ratio is 185.56 over 12-month period. Referring to stock’s 52-week performance, its high was $75.53, and the low was $55.62. On the whole, DAY has fluctuated by -0.63% over the past month.

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With the market capitalization of Dayforce Inc currently standing at about $10.01 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 01, 2024 – May 06, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.42, which is expected to increase to $0.45 for fiscal year $1.65 and then to about $2.03 by fiscal year 2025. Data indicates that the EPS growth is expected to be 9.30% in 2025, while the next year’s EPS growth is forecast to be 23.00%.

Analysts have estimated the company’s revenue for the quarter at $426.08 million, with a low estimate of $425 million and a high estimate of $429 million. According to the average forecast, sales growth in current quarter could jump up 18.00%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $1.73 billion, representing an increase of 14.00% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that DAY’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 8.49, with the price of DAY currently trading nearly -4.46% and -7.19% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 37.27, while the 7-day volatility ratio is showing 2.23% which for the 30-day chart, stands at 2.58%. Furthermore, Dayforce Inc (DAY)’s beta value is 1.30, and its average true range (ATR) is 1.94.

A comparison of Dayforce Inc (DAY) with its peers suggests the former has fared considerably weaker in the market. DAY showed an intraday change of -0.97% in today’s session so far, and over the past year, it shrunk by -12.69%%.

Data on historical trading for Dayforce Inc (NYSE:DAY) indicates that the trading volumes over the past 10 days have averaged 1.48 million and over the past 3 months, they’ve averaged 1.34 million. According to company’s latest data on outstanding shares, there are 156.30 million shares outstanding.

Nearly 4.06% of Dayforce Inc’s shares belong to company insiders and institutional investors own 109.53% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 8.84 million shares as on Mar 15, 2024, resulting in a short ratio of 7.96. According to the data, the short interest in Dayforce Inc (DAY) stood at 5.68% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 9.79 million. The stock has fallen by -4.76% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the DAY stock heading into the next quarter.